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Instacart’s Stock Sees Uptick Following Bullish Ratings

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Instacart’s stock (NASDAQ: NASDAQ:) witnessed a rise on Monday, following an Overweight rating from J.P. Morgan’s Doug Anmuth. The analyst anticipates growth for the company in line with the online grocery sector, which is expected to account for over 25% of total grocery spending within eight to ten years, up from 12% last year. This projection positions Instacart as a leader in this shift.

The stock rose nearly 2% to $26.04 in Monday’s premarket trading, with a projected target of $33 by December next year. The company’s enterprise value is six times J.P. Morgan’s forecast for its 2025 adjusted EBITDA, a 32% discount compared to competitors Uber (NYSE:) and DoorDash (NASDAQ:).

Despite a drop since its high-profile IPO last month, down 13% from its IPO price and off 23% from the closing level on the first day of trading, Citi’s Ronald Josey and his team rated Instacart as Buy with a $34 target price, finding the valuation “compelling.”

Neutral ratings were issued by Gordon Haskett and Bernstein due to competition and short-term spending concerns. In contrast, an Oppenheimer note rated Instacart at Outperform with a $36 target price, noting a 46% discount to its peers.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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