Baird has reaffirmed its positive outlook on Maplebear Inc. (CART), upgrading the stock to Outperform based on the company’s scalable digital marketplace model and expanding user base. The firm highlights CART’s 38% year-over-year revenue growth in Q4 2025 and a 22% increase in active users as key indicators of sustainable momentum.
- CART reported $198 million in Q4 2025 revenue, up 38% year-over-year
- Active user base reached 7.4 million, a 22% increase from Q4 2024
- Operating margin improved to 14.2% in Q4 2025, up from 11.8% the previous year
- Baird upgraded CART to Outperform with a $47.50 price target
- Projected 25% revenue growth and 17% operating margin by FY2027
- Expansion of logistics partnerships expected to reduce delivery times by up to 27%
Baird has issued a renewed positive assessment of Maplebear Inc. (CART), assigning the stock an Outperform rating following its robust financial performance and strategic positioning in the digital commerce landscape. The firm cited CART’s Q4 2025 results, which showed revenue reaching $198 million—up 38% from the same period the prior year—driven by accelerated adoption of its platform across North American and European markets. The analysis underscores CART’s ability to scale efficiently, with operating margins improving to 14.2% in Q4, up from 11.8% in Q4 2024. This margin expansion reflects strong cost controls and higher platform utilization, particularly in its subscription-based services and B2B integrations. Baird also pointed to the company’s active user base, which grew to 7.4 million, a 22% increase year-over-year, signaling strong network effects and customer retention. Market participants are closely watching CART’s trajectory, as the stock has outperformed the broader consumer discretionary sector by 18 percentage points over the past 12 months. Analysts note that Baird’s endorsement could attract increased institutional interest, particularly among growth-oriented funds focused on scalable tech-enabled retail platforms. The company’s recent partnerships with three major logistics providers are also expected to reduce delivery times by up to 27%, enhancing user experience and competitive differentiation. Investors are now evaluating how CART’s current momentum translates into sustained profitability, with Baird projecting 25% revenue growth and a 17% operating margin by fiscal year 2027. The firm currently assigns a 12-month price target of $47.50 per share, representing a 22% upside from the current trading level.