Instacart slips after Piper Sandler downgrades on rising competition

Maplebear

03/10/2025 11:54

**  Shares of grocery delivery firm Instacart CART.O, formally known as Maplebear, down ~1% at $38.91 premarket

** Brokerage Piper Sandler downgrades stock to "neutral" from "overweight"; cuts PT to $41 from $62

** Says industry dynamic pits CART against scaled competitors that may be cheaper and fast-growing

** Risks include Amazon's AMZN.N expansion of same-day perishable delivery, Uber's UBER.N agreement with Aldi, DoorDash's DASH.O expansion of Kroger KR.N partnership and Walmart's WMT.N plans to take delivery to 3 hours or less

** Says CART deliveries are at a ~30% premium compared to in-store, while WMT and AMZN have the potential to be more reasonably priced

** Average rating of 34 brokerages is "buy", with a median PT of $58 - data compiled by LSEG

** Up to last close, stock down 5% YTD

(Reporting by Neil J Kanatt in Bengaluru)

((Neil.JKanatt@thomsonreuters.com;))