Maplebear's (CART) Q2 gross transaction value is expected to come in ahead of consensus based on solid third-party data and unchanged macroeconomic conditions, Oppenheimer said in an earnings preview emailed Tuesday.

Apptopia data indicates improvement in user engagement in Q2 versus Q1, while overall downloads were still slightly down, iOS app activity rebounded sharply, suggesting renewed user interest and potential for stronger order growth, according to the firm.

Oppenheimer said the company management is being conservative with guidance for Q2 gross transaction value, given favorable comparisons and the absence of negative catalysts.

The Uber (UBER) Eats partnership is not expected to materially impact gross transaction value due to the way revenues are booked, but it helps boost overall order volume and advertising take rate, Oppenheimer added.

Maplebear will release its Q2 results on Aug. 7.

Oppenheimer reiterated its outperform rating and a $60 price target on Maplebear's stock.

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