Fundamental, Video

Instacart: Navigating Slower Growth and Crowded Aisles

Arun Sundaram, CFA, CFP, Vice President of Equity Research
13 October 2023

We initiate STARS coverage on shares of Maplebear Inc. (commonly known as “Instacart”) with a Sell opinion and a 12-month target price of $20, calculated by applying a 10x EV/EBITDA multiple against our 2024 EBITDA estimate of $495 million (-6% Y/Y). As one of the biggest beneficiaries of the pandemic-induced surge in online grocery shopping, Instacart now faces slowing growth during this post-pandemic period, along with macro headwinds, increased competition, and structural challenges for widespread online grocery adoption (e.g., high service fees, quality concerns on perishable items).

Want to learn more? Download the slides.


Fundamental Equity Research
Gain a comprehensive view of global themes, industries, and companies.

Related Insights

Target and Walmart Earnings Recap

Target and Walmart Earnings Recap

As we head into the seasonally strong period for retailers and prepare for key shopping...
Read more