Instacart parent company Maplebear Inc (NASDAQ:CART) received an upgrade to Buy while also getting added to Needham’s conviction list on Monday as analysts expressed concern over increasing competition.
What Happened: Needham analyst Bernie McTernan upgraded Maplebear from a Hold rating to a Buy rating. He also set a price target of $56, suggesting a nearly 30% upside from current levels.
“We think the stronger than expected results in ’24E suggest our fears over competition and TAM pull forward are overblown likely driven by CART’s leading customer experience in grocery, which they continue to improve,” the Needham analyst said in a new note to clients.
Maplebear last reported quarterly earnings in November, turning in its fourth straight quarter of positive GAAP net income. Revenue jumped 12% year-over-year as orders jumped 10%. …
Full story available on Benzinga.com