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BTIG is betting on Maplebear , which does business as Instacart, as a strong play in one of the few growth areas of the consumer space: grocery delivery. Analyst Jake Fuller upgraded the stock to buy from neutral and initiated a 12-month price target of $58, which suggests shares can gain 30% from Monday’s close. “Our tracking points to accelerating order growth, and we are taking 4Q and 2025 estimates above-Street. Finally, with estimates up and the stock down since the 3Q print, we see valuation as attractive and are finally pulling the trigger,” Fuller said in a Tuesday note to clients. “CART has an appealing model with positive delivery economics, a high-margin ad business, favorable cash flow dynamics and a cash-heavy balance sheet,” he added. Underlying Fuller’s bull case on Instacart is its leadership in grocery delivery, which like ridesharing is an area of secular growth. However, it is “unburdened” by the growing risk of autonomous vehicles, which could slow growth in the rideshare space. Grocery is $1.2 trillion category with only 14% of sales made online, which allows for a potential long growth runway, the analyst added. Instacart is the dominant third-party grocery delivery platform, with between 70% and 75% market share, Fuller said, adding the company is “well-positioned” to help grocers compete with first-party delivery heavyweights such as Amazon and Walmart . What’s even more attractive about Instacart is its finances, according to Fuller. He said the company is “solidly profitable,” with the potential to improve its margins even further, and a “cash-heavy” balance sheet. “We see favorable secular growth prospects, strong competitive positioning and an appealing financial model,” Fuller wrote. Shares risen nearly 93% over the past 12 months.
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