Core Insights - Criteo S.A. and DoorDash, Inc. have announced a multi-year partnership to enhance advertising opportunities in DoorDash's marketplace, focusing on grocery, convenience, and non-restaurant retail sectors [1][2] - The partnership aims to leverage the growth of retail media, providing brands with new ways to reach consumers closer to the point of purchase [2] Partnership Details - Criteo will function as an extension of DoorDash's U.S. ad sales team, collaborating with brands and agencies to scale media placements on DoorDash's platform [2] - The companies plan to explore deeper integration of their advertising technologies over time [2] Advertising Opportunities - Advertisers using Criteo will have access to various DoorDash ad formats, including on-site video, display banners, Sponsored Product, and Sponsored Brands, as well as off-site channels like display, video, search, and social [3] - The partnership is expected to help advertisers reach consumers more effectively, drive measurable sales, and influence incremental trips [5] Strategic Statements - Stephen Howard-Sarin from Criteo emphasized the importance of delivery in the consumer journey and noted that DoorDash has become a key destination for convenience, grocery, and alcohol brands [4] - John Roswech from DoorDash highlighted the goal of building an ad platform that supports business growth on DoorDash and beyond, citing Criteo's strong relationships in the grocery and retail sectors as a reason for the partnership [6] Market Reaction - Following the announcement, CRTO shares increased by 2.78% to $22.15, while DASH shares rose by 0.53% to $272.67 in premarket trading [6]

Core Points - DoorDash has completed the acquisition of UK rival Deliveroo for £2.9 billion ($3.8 billion) under a court-approved scheme of arrangement [1][2] - Deliveroo shareholders will receive 180p in cash for each share held as part of the acquisition agreement [2] - The merger is expected to enhance DoorDash's position as a global leader in local commerce [1] Company Overview - Deliveroo operates in multiple countries including Belgium, France, Ireland, Italy, Kuwait, Qatar, Singapore, the UAE, and the UK [2] - The company partners with approximately 176,000 restaurants, grocery, and retail outlets, and employs over 130,000 riders [3] - Deliveroo reported around seven million monthly active users in 2024 and generated revenue of £2 billion with an adjusted EBITDA of £140 million for the year ending December 31, 2024 [3] Leadership Changes - Will Shu, the founder and CEO of Deliveroo, has stepped down, and Miki Kuusi, currently the Head of International at DoorDash, has been appointed as the new CEO of Deliveroo [4]

Core Insights - Criteo and DoorDash have announced a multi-year partnership to enhance advertising across DoorDash's platform, focusing on grocery, convenience, and other non-restaurant retailers [1][2][3] - This partnership aims to provide advertisers with new channels to reach consumers at the point of purchase, leveraging various ad formats and off-site channels [2][3] Group 1: Partnership Details - Criteo will act as an extension of DoorDash's U.S. ad sales team, collaborating with brands and agencies to explore advertising technology integration [1][3] - The partnership is expected to help advertisers effectively reach consumers, drive measurable sales, and streamline retail media buying [3] Group 2: Industry Context - Retail media is identified as one of the fastest-growing segments in digital advertising, highlighting the increasing importance of targeted advertising in the consumer journey [2] - DoorDash's platform is positioned as a critical destination for convenience, grocery, and alcohol brands, emphasizing its role in the evolving local commerce landscape [3][5]

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].

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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]

Group 1 - DoorDash Canada has become the official on-demand delivery platform partner of the Professional Women's Hockey League (PWHL) [1] - This partnership complements DoorDash's existing collaborations with the Women's National Basketball Association (WNBA) and the Northern Super League (NSL) [1] - The initiative is part of DoorDash Canada's commitment to elevate women's sports on a national stage, branded as BRING IT IN: Three Leagues. Deli [1]

Core Insights - DoorDash has completed its acquisition of Deliveroo, enhancing its position in the local commerce sector [2][3] - The acquisition is expected to benefit businesses, consumers, and couriers by leveraging DoorDash's scale and resources [3][4] Company Overview - Deliveroo operates in nine countries, including the U.K., and partners with 176,000 restaurants and retailers, employing 130,000 riders [3] - DoorDash is active in 30 countries, indicating a significant global presence [4] Acquisition Details - The acquisition implies an enterprise value of Deliveroo at approximately £2.4 billion, with the transaction expected to close in the fourth quarter [5] - Deliveroo's CEO Will Shu will step down following the completion of the acquisition [6] Strategic Implications - The combination aims to enhance service delivery to consumers, merchants, and riders while maintaining Deliveroo's customer-centric approach [4][6] - DoorDash's CEO Tony Xu emphasized that the merger represents a new chapter, combining Deliveroo's strengths with DoorDash's global capabilities [4]

Core Insights - Kroger is expanding its delivery capabilities by partnering with DoorDash's DashMart Fulfillment Services, which will allow the grocer to reach urban areas where its stores are not present [4][9] - The partnership builds on Kroger's existing relationships with DoorDash and other delivery services, enhancing its e-commerce strategy [8][9] - DashMart, launched five years ago, now operates over 100 locations and provides a fulfillment service for retailers, allowing them to offer quick delivery without significant infrastructure costs [6][7] Group 1 - Kroger is utilizing DashMart facilities for online order fulfillment, indicating a shift towards using stores for picking and packing e-commerce orders [3] - The fulfillment service will enable Kroger to offer groceries and household items through DoorDash, joining other retailers like CVS and Party City [9] - The announcement follows Kroger's expansion of DoorDash delivery to all 2,700 of its stores, highlighting the grocer's reliance on third-party delivery services [9] Group 2 - DoorDash's DashMart provides a "turnkey model" for retailers, allowing them to enhance their digital presence without incurring high costs for new infrastructure or technology [7] - The timeline and specifics of when Kroger will start utilizing DashMart facilities remain unclear, as the partnership is still in its early stages [5] - Kroger's previous collaborations with DoorDash include sushi and floral delivery, and it also has a long-standing relationship with Instacart and Uber for delivery services [8]

Core Points - DoorDash has completed the acquisition of Deliveroo, enhancing its position as a global leader in local commerce [1][3] - The acquisition was finalized following court sanction and is expected to benefit both companies by leveraging DoorDash's scale and resources [2][3] Company Overview - DoorDash is a leading global local commerce platform founded in 2013, operating in over 30 countries and focusing on technology and logistics to drive economic vitality [4] - Deliveroo, also founded in 2013, partners with approximately 176,000 restaurants and retailers, serving around 7 million monthly active consumers in 2024 [5][6]