Bernstein upgraded CART to "outperform"
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.