Maplebear, Inc. (CART)

This morning, Maplebear d/b/a Instacart (CART; $44.86; E/W) announced in a blog post that it is ceasing all item price tests on its platform. As a result, CART’s retail partners will no longer be able…

This afternoon, the U.S. Federal Trade Commission (FTC) announced that Maplebear d/b/a Instacart (CART; $44.95; E/W) has agreed to pay $60mm in refunds to consumers to settle allegations that the company deceived its customers with…

We are reducing our rating on the shares of Maplebear d/b/a Instacart (CART; $45.06) from Outperform to Equal-Weight. The stock is now up ~20% since we our upgrade back on 10/3 to a still reasonable…

We reiterate our Outperform and $50 target on the shares of Maplebear d/b/a Instacart (CART; $37.33) after Q3 results and guidance comfortably lived up to Street expectations, with robust free cash flows (FCF) that suggest…

The shares of Maplebear, doing business as Instacart (CART; $36.10; O/P), are down 30% since August 11th, which we think offers a buying opportunity into the company’s Q3 print on Monday, November 10th (before market)….

Yesterday (10/7), Maplebear, d/b/a Instacart (CART; $38.88; O/P) announced an interesting new integration with TikTok that enables certain consumer package good (CPG) brands access to CART’s first-party retail media data in order to improve ads…

This morning, Maplebear d/b/a Instacart (CART; $38.13; O/P) announced a partnership with United Airlines (UAL; $96.75; NR) aimed at offering United MileagePlus members with a range of benefits when they order from CART’s platform. We…

We are raising our rating from Equal-Weight to Outperform on the shares of Maplebear d/b/a Instacart (CART; $39.30). We think the 24% decline in the stock since 8/11, including -16% over the past month or…

The shares of Maplebear, d/b/a Instacart (CART; $45.05; E/W) are down 12% today on news that Amazon (AMZN; $224.48; NR) is now offering same-day grocery delivery to consumers in 1K+ cities and towns in the…

We are bumping up our 2025/2026E EBITDA for Maplebear d/b/a Instacart (CART; $49.39; E/W) from $1.075B/$1.225B to $1.085B/$1.25B after the company produced a solid “beat and raise” led by some better-than-expected operating leverage, off of…

Maplebear, doing business as Instacart, (CART; $49.39; E/W) posted Q2 adjusted EBITDA of $262mm (2.9% of GTV vs. 2.5% a year ago), which was ahead of our forecast of $245mm (2.7% of GTV) and the…

Recent news flow out of Maplebear d/b/a Instacart (CART; $47.18; E/W) provides further support for the idea that the company is enabling a wider range of avenues for deepening relationships with existing retail partners, while…

This morning, Maplebear, d/b/a Instacart (CART; $47.23; E/W) announced the promotion of Chris Rogers, from Chief Business Officer (CBO) to CEO, effective August 15th, which fits with prior indications that the surprising need to name…

This morning, Maplebear, d/b/a Instacart (CART; $44.35; E/W) confirmed in an 8-K filing that CEO Fidji Simo, who has served in her current role for nearly four years, plans to resign from the company and…

We raise 2025/2026E EBITDA for Maplebear, d/b/a Instacart (CART; $44.35; E/W), from $1.025B/$1.175B to $1.075B/$1.225B, which implies EBITDA margins expand from 2.6% of GTV in 2024 to 2.9% in 2025 and 3.1% in 2026E, after…