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Research Alert: CFRA Keeps Buy Opinion On Shares Of Maplebear Inc.
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Research Alert: CFRA Keeps Buy Opinion On Shares Of Maplebear Inc.
Nov 10, 2025 11:33 AM

02:15 PM EST, 11/10/2025 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lower our 12-month target to $52 from $61, based on a 10x EV/EBITDA multiple (was 12x) applied to our 2026 adj-EBITDA estimate of $1,330M (up from $1,265M; about 23% Y/Y growth). This multiple is well below gig economy peers (Uber at 18x, DoorDash at 25x), which we find reasonable given CART's slower gross transaction value (GTV) growth, though CART is far more profitable than peers with roughly 30% adj-EBITDA margins. We view Q3 results and the strong Q4 outlook as encouraging, but shares have given back most of their gains today, likely due to a softer-than-expected ad revenue outlook for Q4 (though 2026 growth remains intact). We also think investor concerns around rising competition (e.g., Kroger's partnership with DoorDash, Amazon's expansion in same-day grocery delivery) persist, though we see these as overstated given CART's large-basket focus and deep retailer relationships (including growing Enterprise platform adoption). We lift our 2025 adj-EPS by a penny to $3.22 and 2026's to $3.85 from $3.83.

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