Core Points - Instacart will report its Q3 2025 financial results on November 10, 2025, before market open [1] - A conference call to discuss the results will be held at 5:00 a.m. Pacific Time on the same day [2] - Instacart's Investor Relations website will be the primary platform for disclosing material nonpublic information [3] Company Overview - Instacart is a leading grocery technology company in North America, partnering with over 1,800 retail banners to facilitate online shopping and delivery services from nearly 100,000 stores [4] - The company enables approximately 600,000 shoppers to earn income through flexible order picking, packing, and delivery [4] - Instacart offers a suite of technology products and services to retailers, enhancing e-commerce experiences and providing advertising services [4]

Core Viewpoint - BTIG and Guggenheim have initiated coverage on several major retail and delivery companies, providing ratings and price targets based on their market positions and growth potential. Group 1: Walmart (WMT) - BTIG initiated coverage with a Buy rating and a price target of $120, highlighting Walmart's integrated digital and physical strategy as a means to deliver value to customers and shareholders, positioning the company for market share and profit gains despite macro pressures [1]. Group 2: Target (TGT) - BTIG initiated coverage with a Neutral rating and no price target, noting that while Target's brand is relevant and differentiated, it faces intense competition from Walmart, Costco, and Amazon [1]. Group 3: Costco (COST) - BTIG initiated coverage with a Buy rating and a price target of $1,115, emphasizing Costco's significant customer loyalty which is expected to drive traffic and sales growth, and viewing the recent share pullback as a buying opportunity [1]. Group 4: DoorDash (DASH) - Guggenheim initiated coverage with a Buy rating and a price target of $330, forecasting that Marketplace gross order volume growth will outpace the overall delivery market growth, driven by volume, with grocery and retail investments transitioning from a profit drag to a tailwind over the intermediate to long term [1]. Group 5: Uber (UBER) and Lyft (LYFT) - Guggenheim also initiated coverage of Uber and Lyft with Buy ratings, indicating positive outlooks for both companies in the delivery and ride-sharing markets [1]. Group 6: Instacart (CART) - Guggenheim initiated coverage with a Neutral rating, suggesting a more cautious outlook compared to its peers [1]. Group 7: Nike (NKE) - BTIG initiated coverage with a Buy rating and a price target of $100, selecting Nike as a "Top Pick for 2026," while establishing FY26 and FY27 EPS estimates of $1.70 and $2.75, respectively, indicating confidence in the company's future performance despite acknowledging that there is still much work ahead [1].

Core Insights - Instacart has launched a comprehensive suite of business features for its white-label e-commerce solutions, aimed at enhancing the online capabilities of retailers like Woodman's Markets to better serve business customers [1][2][4] - The new features are designed to facilitate bulk ordering and team-based purchasing, addressing the growing demand from over one million business customers who have utilized Instacart's services in the past year [2][4][7] Group 1: New Business Features - The new business features include bulk ordering, multi-user management, account oversight, shopping guides, controls and reconciliation, and Instacart+ sharing benefits [7] - Businesses can now place bulk orders, manage team roles with customizable permissions, and oversee order activity through a customer-facing dashboard [7] - The features aim to streamline procurement processes and reduce stockouts for business customers [4][6] Group 2: Instacart's Market Position - Instacart is recognized as the leading grocery technology company in North America, partnering with over 1,800 retailers to facilitate online shopping and delivery services [6] - The company has helped more than one million business customers simplify their ordering operations since the launch of Instacart Business in 2023 [4][6] - Instacart's platform supports nearly 100,000 stores across North America, providing a robust e-commerce infrastructure for retailers [6]

Core Viewpoint - Instacart's stock reflects the competitive pressures in the online grocery delivery sector, with a current Buy rating and a price target of $67 from Goldman Sachs [1]. Group 1: Stock Performance - Instacart's stock has declined by 12% since September due to competitive announcements from major players like Amazon, Uber, and DoorDash [2]. - As of the publication date, Instacart's shares rose by 1.31% to $38.81 [4]. Group 2: Competitive Landscape - The competitive landscape is intensifying, with Amazon expanding its grocery offerings and partnerships formed by Uber and DoorDash, which are expected to impact Instacart's gross transaction value (GTV) and EBITDA [2][3]. - Investors anticipate "material cannibalization" of Instacart's GTV and EBITDA over the next six to twelve months due to these competitive moves [3]. Group 3: Analyst Insights - The analyst suggests that partnerships between Instacart's grocery partners and third-party online marketplaces may lead to increased demand for those grocers, rather than cannibalizing Instacart's GTV [4].

Core Insights - Instacart has become the first retail media partner to integrate its first-party retail media data with TikTok Ads Manager, allowing CPG advertisers to enhance campaign targeting and measure performance directly within the platform [1][2][3] Group 1: Partnership Details - The integration provides advertisers with end-to-end capabilities, including access to high-intent audience segments and dynamic grocery selection [2][3] - Instacart's purchase and grocery selection data will be integrated into TikTok Ads Manager, enabling advertisers to optimize campaigns in real-time and drive attributable sales [3][6] Group 2: Audience Engagement - TikTok has over 180 million monthly active users in the US, with 87% of users taking action after viewing ads on the platform, indicating a strong potential for driving commerce [5] - The partnership aims to help CPG brands connect with consumers at the moment of inspiration, enhancing the shopping experience [3][5] Group 3: Advertising Ecosystem - Instacart's advertising ecosystem includes over 7,500 active brands and 1,800 retail partners, allowing marketers to streamline their advertising strategies across various platforms [4][8] - The integration with TikTok is part of a broader strategy to bring Instacart's retail media data to where consumers make shopping decisions [3][4]

Core Points - United Airlines and Instacart have launched a collaboration to provide MileagePlus members with exclusive benefits, including $0 delivery fees on orders placed around domestic flights [1][2][3] - MileagePlus members can earn bonus miles by linking their accounts with Instacart and completing specific orders, enhancing the value of the loyalty program [2][3] Group 1: Collaboration Details - MileagePlus members can enjoy $0 delivery fees on orders placed before, during, or shortly after domestic flights, allowing for easy restocking of groceries [1][3] - New MileagePlus members on Instacart can earn 5,000 bonus miles after completing four orders of $35 or more within eight weeks [3][7] - Existing Instacart users can earn additional miles by linking their accounts and placing qualifying orders [3][7] Group 2: Benefits and Rewards - The collaboration allows MileagePlus members to access a suite of benefits, including a complimentary 7-day Instacart+ membership for $0 delivery fees [3][7] - Members can earn an additional 5,000 miles by enrolling in an annual Instacart+ membership after completing the initial offer [3][7] - Instacart connects consumers to over 1,800 retail partners and nearly 100,000 stores, enhancing the convenience of grocery shopping for travelers [4][8] Group 3: Strategic Focus - Both companies aim to simplify travel and daily life for consumers, with Instacart positioned as a critical part of the travel experience [2][4] - The partnership is expected to provide meaningful benefits to U.S. travelers, increasing convenience and rewards for grocery shopping [4][6]

Core Viewpoint - Maplebear Inc. (Instacart) faces significant topline risks due to increasing competition in the online grocery delivery sector, leading to a downgrade by Piper Sandler from Overweight to Neutral and a price target reduction from $62 to $41 [1][2]. Competition Landscape - The digital grocery sector is experiencing heightened competitive intensity, with major players like Amazon, Uber, and DoorDash expanding their services [3][4]. - Amazon plans to expand same-day perishable delivery to 2,300 cities by year-end, up from 1,000 [3]. - Uber has partnered with Aldi to cover 2,500 stores nationwide, while DoorDash has expanded its agreement with Kroger to 2,700 locations [3][4]. Market Opportunity - The U.S. grocery and adjacent categories represent a $1.2 trillion annual opportunity, with digital penetration currently at 15% and expected to reach 20% by 2028 [4]. Instacart's Position - Instacart is ranked No. 3 in the U.S. with a digital grocery Gross Merchandise Value (GMV) of $33.46 billion in 2024, but may face challenges due to pricing and competition [5][6]. - Instacart's average digital basket costs about 30% more than in-store, leading to a $50 premium per order, which could total approximately $2,700 annually for regular customers [5][6]. Financial Projections - Piper Sandler has slightly reduced revenue estimates for Instacart, projecting $3.71 billion for 2025 (down from $3.73 billion) and $4.05 billion for 2026 (down from $4.11 billion) [6]. - EBITDA forecasts have also been revised to $1.06 billion for 2025 and $1.18 billion for 2026, both slightly lower than previous estimates [6]. Stock Performance - Instacart shares are currently trading at approximately 8x next-twelve-months EV/EBITDA, compared to a prior trough of 6x, with shares down 3.69% to $37.85 [7].

Upgrades - Rothschild & Co Redburn upgraded Coinbase (COIN) to Buy from Neutral with a price target of $417, increased from $325, expecting retail volume growth to mitigate take rate compression [2] - Wells Fargo upgraded Johnson & Johnson (JNJ) to Overweight from Equal Weight with a price target of $212, up from $170, indicating that concerns around pharmaceutical tariffs and pricing risks are largely resolved [3] - Gordon Haskett upgraded Zillow (Z) to Buy from Hold with a price target of $90, citing favorable risk/reward due to negative sentiment affecting shares [3] - Fox Advisors upgraded Instacart (CART) to Outperform from Equal-Weight, believing the 24% decline in stock price since August 11 is "oversold" due to overblown competitive concerns [3] - Erste Group upgraded Alibaba (BABA) to Buy from Hold, noting the company's strong development in artificial intelligence applications [4] Downgrades - Jefferies downgraded Apple (AAPL) to Underperform from Hold with a price target of $205.16, down from $205.82, citing excessive expectations on the replacement cycle and prospects of the iPhone 18 Fold [5] - Piper Sandler downgraded Instacart (CART) to Neutral from Overweight with a price target of $41, down from $62, due to rising competitive pressures from major players like Amazon and Walmart [5] - Wolfe Research downgraded PayPal (PYPL) to Peer Perform from Outperform, with a fair value range of $70-$80, indicating shares may be range-bound until further proof of execution is shown [5] - KeyBanc downgraded Corteva (CTVA) to Sector Weight from Overweight without a price target, following the company's announcement to separate into two public companies [5] - Goldman Sachs downgraded Bumble (BMBL) to Neutral from Buy with a price target of $7, down from $8, stating that the stock's risk/reward is more balanced at current levels [5]

Pinterest Inc. (NYSE:PINS) is one of the most undervalued stocks to buy and hold for 5 years. On September 18, Pinterest announced that Emily Reuter, the Chief Financial Officer/CFO of Maplebear Inc. or Instacart (NASDAQ:CART), has been appointed to its Board of Directors. Reuter brings significant executive experience, having successfully scaled dynamic technology and e-commerce businesses, including Instacart and Uber (NYSE:UBER). Pinterest CEO Bill Ready stated that Reuter’s experience will be invaluab ...

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