Shares of Instacart dipped below the key $30 level for a third straight day, but they still have to fall a lot further to turn one analyst bullish.
In a note titled “The Cart is Full,” BTIG’s Jake Fuller said he started coverage of the grocery-delivery app, officially known as Maplebear Inc. CART, -2.06%, with a neutral rating. He did not set a stock-price target. BTIG was not one of the 20 underwriters of the IPO.
After debuting at $42 on Sept. 19, the stock closed its first day at $33.70. It hit an intraday low of $29.96 on Wednesday before closing at $30.10, and it traded as low as $29.90 on Thursday before closing at $30.65. Fuller is meh on the stock because he believes that “valuation is fair relative to modest growth prospects and challenging competitive dynamics.” He noted that both Uber Technologies Inc. UBER, -0.95% and DoorDash Inc. DASH, +0.42% have moved into the grocery-delivery business.
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