Instacart’s Cart Assistant Launch Spurs $50 Target and $42.1B GTV Forecast
Raymond James upgraded Maplebear’s shares to Outperform with a $50 price target, highlighting the Cart Assistant tool’s launch as an inflection driver. The firm raised its 2026 and 2027 GTV forecasts to $42.1 billion and $47.7 billion, outlining a $65 bull-case valuation.
1. Upgrade to Outperform and $50 Price Target
Raymond James upgraded Maplebear’s shares to Outperform and set a $50 price target, citing the formal launch of Cart Assistant as a catalyst for renewed growth. The upgrade reflects expectations of stronger conversion rates and higher average order values driven by agentic shopping improvements.
2. Cart Assistant’s Role in Agentic Shopping
The new Cart Assistant uses natural language processing to build shopping lists, offer tailored recommendations and automate deal-seeking, targeting the roughly 13% online grocery penetration rate. Enhanced experiences across Instacart’s web, mobile and enterprise partnerships, including Kroger, are expected to drive meaningful gains in conversion and order size.
3. Raised GTV Estimates and Bull Case Outlook
Following the tool launch, the firm lifted its 2026 GTV forecast to $42.1 billion and its 2027 estimate to $47.7 billion, surpassing consensus. The bull-case scenario at a $65 share price assumes approximately $5 of additional EPS power and maintains a 13x price-to-earnings multiple.