Instacart slumps after BTIG downgrades amid mounting competition

ReutersSep 30, 2025 2:23 PM

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*Shares of grocery delivery firm Instacart CART.O, formally known as Maplebear, down nearly 6.5% to a near six-month low at $35.44 in early trading

Brokerage BTIG downgrades stock to "neutral" from "buy"; retains PT at $55

BTIG warns of intensifying competition amid a spate of grocery delivery deals between several partners of CART and delivery platforms such as Amazon.com AMZN.O, DoorDash DASH.O, and Uber UBER.N

Notes that grocers who have signed partnerships in the last two weeks make up more than 25% of CART's gross order volume (GOV)

With AMZN, DASH and UBER focused on grocery category, it is difficult to underwrite sustained double-digit growth or even high-single-digit GOV growth for CART over a multi-year period, BTIG analyst Jake Fuller says

18 of 35 brokerages rate stock "buy" or higher, 16 "hold" and one "sell"; median PT is $58 - data compiled by LSEG

As of last close, CART down ~8% YTD

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