Goldman Sachs Starts Instacart (CART) at Buy, 'positively exposed to two key secular growth themes'

Goldman Sachs analyst Eric Sheridan initiates coverage on Instacart (NASDAQ: CART) with a Buy rating and a price target of $48.00.

The analyst comments "We are initiating coverage of Maplebear Inc. (d/b/a Instacart, ticker: CART) with a Buy rating and a 12-month price target of $48. Instacart is a grocery technology company that operates an online delivery platform for consumers and offers technology solutions to enterprises. As of June 30, 2023, CART reached 7.7mm monthly active orderers, partnered with over 1.4k retail banners, delivered advertising solutions and insights to over 5.5k brands, and provided work to ~600k shoppers. CART generated $29bn of Gross Transaction Volume (GTV) in the Q2’23 LTM period. In this report, we frame CART as positively exposed to two key secular growth themes in our coverage universe: 1) the potential for delivery platforms to enable the digital transition of the grocery industry as consumers increase their adoption of online channels and 2) the rise of retail media networks as an area of growth within the broader digital advertising industry that can continue to attract greater ad/promotion budgets over time."

For an analyst ratings summary and ratings history on Instacart click here. For more ratings news on Instacart click here.

Shares of Instacart closed at $25.57 yesterday.

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