Instacart rises after Jefferies upgrades to 'buy'

Shares of online grocery delivery firm Instacart CART.O, formally known as Maplebear, up 2% at $36.11 premarket

Jefferies upgrades to "buy" from "hold", raises PT from $38 to $45, a 26% upside to the stock's last close

Double-digit gross transaction value growth - a key metric that shows the value of products sold based on prices - alongside operating efficiency gains and more than five years of consistent share buybacks likely to support sustainable mid-teens or higher earnings growth - Jefferies

Sees lift from Kroger's fulfillment exit and CART's international expansion

18 of 35 brokerages rate the stock "buy" or higher, 15 "hold" and 2 "sell" or lower; their median PT is $48.50 - data compiled by LSEG

As of last close, stock down 20% YTD