Maplebear (CART) delivered "healthy" Q4 results and issued an "encouraging" guidance for Q1, Wedbush said in a note Friday. Maplebear is doing business as Instacart.

After the results, Wedbush analysts raised their gross transaction value estimates for Q1 and 2026 by about 4% on faster order growth and higher average order value versus initial projections.

That led to an increase in Q1 and 2026 adjusted EBITDA estimates of about 6% and around 4%, respectively, they said.

Still, the analysts cut their intermediate-term trajectory, expecting Instacart's market share to ultimately erode over time as Amazon (AMZN) and others compete more closely.

"While near-term results have been solid, we remain cautious on the durability of the business versus omnichannel retailers and grocers," the note said. "Our longer-term thesis remains intact."

Wedbush kept its underperform rating and $36 price target.

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