01:49 PM EST, 11/10/2025 (MT Newswires) -- Maplebear ( CART ) , better known as Instacart, is at risk to see its market share erode over time due to competition from Amazon ( AMZN ) and other rivals, Wedbush said in a Monday note.

Instacart posted "healthy" Q3 results but Q4 guidance was "modest," with expected gross transaction value growth of 10.2% at the midpoint, slightly above consensus estimates of 9.7% and adjusted EBITDA guidance of $285 million to $295 million, aligning with consensus, Wedbush analysts said.

Over the past quarters, the company's order volume rose due to more frequent restaurant transactions facilitated by its partnership with Uber (UBER) Eats; however, average order value dropped by 3.5%, the analysts said. The company stopped offering discounted service fees to its subscription members, which could boost short-term transaction revenue, but could allow competitors to offer more attractive membership benefits, according to the note.

Instacart is at risk of losing market share to bigger competitors and grocery chains that can use their size and strengths in related markets to attract more online grocery customers, the analysts said. They noted that the company has started to reposition as a grocery enablement platform.

Wedbush reiterated the company's stock rating at underperform and reduced the price target to $36 from $40.

Price: 36.63, Change: -0.13, Percent Change: -0.34