Maplebear, Inc. (CART)

We raise our 2024/2025E EBITDA for Maplebear, doing business as Instacart (CART; $37.48; E/W), from $700mm/$790mm to $825mm/$915mm after it comfortably exceeded Q1 expectations on some better-than-expected seasonality with good execution that is translating into…

Maplebear, doing business as Instacart, (CART; $37.48; E/W) posted Q1 adjusted EBITDA of $198mm (2.4% of GTV), which was well ahead of our forecast of $160mm (2.0% of GTV) and the Street’s $158mm (1.9% of…

The shares of Maplebear, doing business as Instacart (CART; $33.59; E/W), are down 7% today and have now retreated 14% from recent highs (vs. +43% YTD) on news that Amazon (AMZN; $179.62; NR) is offering…

We lower our rating from Outperform to Equal-Weight on the shares of Maplebear, which is doing business as Instacart (CART; $37.29; O/P). The stock is now up 59% in just the three months since our…

We bump up 2024/2025E adjusted EBITDA for Maplebear, doing business as Instacart (CART: $25.40; O/P) from $680mm (2.1% of GTV) and $770mm (2.3% of GTV) to $700mm (2.1% of GTV) and $790mm (2.3% of GTV)…

This morning, Maplebear, doing business as Instacart (CART; $24.46; O/P) announced a new partnership with Amazon’s (AMZN; $170.53; NR) Whole Foods Market Canada to offer on-demand grocery delivery to consumers in Canada. Our checks suggest…

We assume Maplebear, doing business as Instacart (CART; $23.94; O/P), can post Q4 results and guidance that are at least in line with Street expectations when the company reports next Tuesday (2/13 after market) given…

This morning, Maplebear, doing business as Instacart (CART; $23.20; O/P), announced it is expanding its advertising solutions to Caper Carts, which are AI-powered smart carts equipped with scales, sensors, touchscreens, and computer vision for proprietary…

We establish an Outperform rating and $30 target on the shares of Maplebear (CART; $23.47) d/b/a Instacart. We think the 22% decline in CART shares since its $750mm+ IPO on 9/18/23 at $30 per share,…

Earlier this month, Maplebear (CART; $25.10), doing business as Instacart, made a series of announcements that we think highlight how the company can continue to “control its own destiny” by expanding its product category reach,…

We think the first post-IPO set of quarterly results from Maplebear, doing business as Instacart (CART; $24.48), further highlighted the viability for online grocery delivery platforms in general, and more specifically, the company’s competitive advantages…

This morning, Maplebear, which is doing business as Instacart, raised its proposed IPO price range from $26-28 to $28-30. The company still plans to issue 22.0mm shares (14.1mm in a primary offering and 7.9mm in…

We reviewed S-1 filings of Maplebear, which is doing business as Instacart, and assembled a financial model, including a “first stab” at forecasts ahead of a proposed IPO under the ticker CART. Instacart, the largest…