Instacart IPO Valuation Analysis

• Instacart is targeting a valuation between US$8.6 billion to US$9.3 billion in its IPO. Instacart's valuation has declined nearly 77% from its peak levels US$39 billion a few years ago.

• Our base case valuation of Instacart is target price of $33.7 per share, which represents a 20% upside from the high end of the IPO price range ($28 per share).

• We estimat…