Raymond James Starts Instacart (CART) at Market Perform

Raymond James analyst Josh Beck initiates coverage on Instacart (NASDAQ: CART) with a Market Perform rating.

The analyst comments "Thesis: Our “Enterprise Knocking” thesis recognizes the impressive management execution in developing in-depth technology integrations across 1,500 banners that often feature legacy/customized point-of-sale systems with 1B+ lifetime orders and tenured shoppers that are often assisted with detailed maps that lead to high order accuracy, leading to 70%+ >$75 basket market share. We also hold a positive bias on the potential to expand the advertising business off-marketplace (e.g., Enterprise/Storefront/Carrot ads, META partnership) and potentially in-store through innovative eCarts (i.e., Caper Shopping Cart), but we have limited visibility into the adoption curves (e.g., sales GTM, in-store transformation) to achieve meaningful scale/fundamental upside, which informs our Market Perform rating."

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 $42.14 yesterday.

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