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SaltWire's Atlantic regional weather forecast for October 16, 2023 | SaltWire - Most Wall Street brokerages, including J.P.Morgan and Piper Sandler, kicked off coverage on Instacart with a bullish view, betting on the grocery delivery app's growth amid a shift to online shopping.
At least 10 of Instacart's 19 IPO underwriters have initiated coverage with their top ratings after the quiet period ended. "As a technology company unburdened by inventory or large infrastructure, Instacart requires little capital expenditure to fund operations, with the potential for significant margin expansion," Baird analyst Colin Sebastian wrote in a note.
"Lack of exposure to growing grocery businesses such as Walmart and Amazon could drive share loss at Instacart," said Justin Post, an analyst with BofA Global Research, which has a price target of $30.
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