Instacart gains as IPO research quiet period to expire

Klaviyo

13/10/2023 17:56

** Shares of Instacart  CART.O  up 4.7% at $25.87 on Fri
ahead of an expected cascade of analyst initiations on grocery
delivery platform
    ** On Mon, Goldman Sachs, JP Morgan, BofA, Barclays and
Citigroup among 20 underwriting firms that will be permitted, as
required by industry practice, to start coverage
    ** Instacart, formally called Maplebear, has faltered since
last month's IPO price was set at $30, with its stock having
traded as low as $24.31
    ** Sentiment among 6 brokerages that currently cover CART is
decidedly lukewarm with avg rating of "hold", per LSEG data
    ** Analysts have warned CART faces stiff competition from
DoorDash  DASH.O  and Uber Technologies  UBER.N 
    ** Separately, research quiet period for Klaviyo Inc
 KVYO.N  also drawing to a close, which will free up its IPO
banks to begin coverage of marketing automation firm on Mon
    ** KVYO's stock slipping 1.5% to $32.53 on Fri, but is still
above the $30 IPO price set in Sept

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))