KeyBanc Reiterates Sector Weight Rating on Instacart (CART)

KeyBanc analyst Justin Patterson reiterated a Sector Weight rating on Instacart (NASDAQ: CART).

The analyst commented, "Instacart reported solid 2Q results with AOV upside driving GTV outperformance. We believe this is encouraging for basket sizes but believe the ramp of restaurant orders will be a drag to AOVs beginning in 3Q. Instacart also reported solid profit upside, which leads us to increase our 2024E/2025E/2026E EBITDA forecast by 5%/2%/2%. Despite this, we continue to view the category as increasingly competitive with a slow digital transformation. We maintain our Sector Weight 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 $32.15 yesterday.

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