Maplebear shares are trading higher today as investors react to a bullish analyst action: Jefferies upgraded Maplebear (Instacart) from Hold to Buy and raised its price target to $45 (from $38). The upgrade helped lift sentiment after a difficult stretch for the stock and is acting as the day’s clearest incremental catalyst for buyers.

The Jefferies thesis centers on improving setup for Instacart’s core grocery fulfillment business, including benefits tied to Kroger exiting certain fulfillment activities and the potential for incremental share gains. Jefferies also pointed to international expansion as a possible medium-term tailwind, giving investors a fresh reason to re-rate the stock despite ongoing competitive and growth concerns across online grocery delivery.

With CART at $38.81, Jefferies’ $45 target implies roughly mid-teens upside if the thesis plays out, which can draw in momentum and value-oriented buyers. The next major catalyst on the calendar is the company’s next earnings report, widely expected in late April 2026, where investors will focus on order growth, advertising/retail media momentum, and any updated outlook on profitability and capital returns.