Instacart Stock Gains Favor Among Wall Street Analysts: 'Valuation Is Attractive'
Portfolio Pulse from Benzinga Neuro
Instacart's (NASDAQ:CART) stock, which has been underperforming, is now attracting positive attention from Wall Street analysts. Doug Anmuth from J.P. Morgan rated the stock as Overweight, essentially a Buy rating, citing the company's attractive valuation and potential growth in the online grocery sector. Despite a slight loss, J.P. Morgan projects the stock to reach $33 by December next year. Other analysts from Citi and Oppenheimer also gave a Buy call for Instacart’s stock.
October 17, 2023 | 4:36 am
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Instacart's stock is gaining positive attention from Wall Street analysts, with a projected price of $33 by next year.
The positive rating from Wall Street analysts, particularly from J.P. Morgan, indicates a strong confidence in Instacart's performance and growth potential in the online grocery sector. This could potentially drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100