Instacart Downgraded To Neutral At BTIG On Rising Competition

Core Viewpoint - BTIG downgraded Instacart from Buy to Neutral due to increasing competitive pressures from larger rivals in the grocery delivery sector [1] Group 1: Competitive Landscape - Amazon has expanded its perishable grocery delivery service to 1,000 cities, intensifying competition for Instacart [1] - Instacart's retail partners have formed new deals with Amazon, DoorDash, and Uber, further increasing competitive challenges [1] - More than 25% of Instacart's gross order volume has shifted to competitors recently, indicating a significant loss of market share [1] Group 2: Financial Outlook - BTIG had previously adjusted its price target for Instacart, but recent competitive developments have raised concerns about the sustainability of its growth [2] - Analysts find it increasingly difficult to justify a double-digit EBITDA multiple for Instacart given the negative outlook [2]