Shares of Instacart fell more than 26% since their initial public offering a month ago, possibly due to the persisting macroeconomic headwinds in the US. But analysts on Wall Street see the grocery delivery firm’s valuation as attractive, with JPMorgan and Citi offering ‘Buy’ ratings on the stock.Since debuting through an IPO last month, shares of Instacart crashed more than 26%, pushing its valuation down to around $6.8 billion from the nearly $10 billion reached on the first trading day.
Anmuth expects online grocery sales to account for over 25% of the total grocery spending in 8 to 10 years, up from 12% last year.
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