Analyst: Instacart Stock Boasts 21% Upside

The stock is already up more than 50% in 2024

Deputy Editor
Mar 14, 2024 at 9:31 AM
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Shares of Wall Street newbie Maplebear Inc (NASDAQ:CART), or Instacart, are 3.2% higher at the open, following a bull note. Bernstein upgraded the food delivery and e-tail stock to "outperform" from "market perform" and hiked is price target by $13 to $43 -- a 21.6% upside to last night's close.

Coming into today, the brokerage bunch was split nearly down the middle. Of the 17 covering brokerages, nine rated CART a "strong buy," while eight recommended a tepid "hold." This leaves the security open to even more bull notes. 

If there was ever a time for pessimism to unwind, it looks like now is as good as ever. Instacart stock is two sessions removed from its highest close at $35.51. Should today's gains hold, it will clear that level with ease, as it's pacing for an open above the $36 level. 

Though there's a lot of ground to make up in order to reach its initial public offering (IPO) debut that saw it touch an intraday high of $42.95, CART is still up more than 50% year to date. To say the equity is outperforming doesn't quite do it justice, the SPDR S&P 500 ETF Trust (SPY) is up 8.6% in the same timeframe. 


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