According to the Fly, Citizens raised its price target on CART to $65 from $60 and maintained an ‘Outperform’ rating, citing potential cost savings, loyalty-program benefits, international expansion and improved shopper-network utilization.

  • Citi maintained a ‘Buy’ rating and $58 price target, while analyst Ronald Josey said that the reported $16 billion–$17 billion potential sale valuation would imply approximately $65 per share at the midpoint.
  • Rosenblatt expects DoorDash and Uber to be interested in Instacart, while noting that other grocery-sector companies could also be potential suitors.
  • Earlier, a report stated that Instacart had hired an investment bank to review its strategic options and held preliminary takeover discussions with DoorDash and Uber.

Instacart (CART) stock was in focus on Monday after Citizens raised its price target on the stock, while Citi and Rosenblatt weighed in on the reported discussions about the company’s potential sale.

According to The Fly, Citizens raised its price target to $65 from $60 and maintained an ‘Outperform’ rating, citing potential cost savings, expanded loyalty programs, and better use of its shopper network in a possible transaction.

CART shares traded 5.4% lower, while DoorDash (DASH) fell 2.2% and Uber (UBER) edged lower at the time of writing.

Citi Maintains ‘Buy’ Rating On CART

According to The Fly, Citi analyst Ronald Josey maintained a ‘Buy’ rating and $58 price target on Instacart.

Josey noted that the reported $16 billion–$17 billion potential sale valuation would imply about $65 per share at the midpoint. The firm described Instacart as the leader in online grocery.

Rosenblatt Sees Potential Interest From DoorDash, Uber

According to The Fly, Rosenblatt expects DoorDash and Uber to be interested in acquiring Instacart, while noting that other companies in the grocery sector could also be potential suitors. 

The firm said a deal involving a scaled peer would likely draw regulatory scrutiny because both companies compete directly with Instacart in grocery delivery. Rosenblatt described Instacart as a “prized asset despite being under attack by two industry goliaths”—Amazon and Walmart, according to The Fly.

The Sale News 

The analyst commentary follows a report by The Information on Friday, which said that Instacart had hired an investment bank to review its strategic options and held preliminary takeover discussions with DoorDash and Uber. However, the discussions were preliminary, and no definitive agreement had been announced.

Bloomberg later reported that Uber had walked away from discussions with Instacart, citing a person familiar with the matter, and that the two companies were no longer in talks.

How Retail Views CART

On Stocktwits, sentiment for CART remained in ‘extremely bullish’ territory with ‘extremely high’ message volumes in the past 24 hours. 

One bullish user said they decided to continue holding their shares, citing an average purchase price of around $23.

View this Stocktwits post

CART has gained over 16% year-to-date.

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