# Should You Buy the Instacart Dip After Costco's DoorDash Deal?

> Costco handed DoorDash a delivery deal and Instacart shares fell, but the sell-off may have punished the wrong story.
- Title: Should You Buy the Instacart Dip After Costco's DoorDash Deal?
- Summary: Costco handed DoorDash a delivery deal and Instacart shares fell, but the sell-off may have punished the wrong story. Instacart still powers Costco's branded…
- Keywords: instacart, maplebear, cart stock, costco, doordash, grocery delivery, same-day delivery, advertising revenue, enterprise software, stock analysis, retail partnerships, Buy
- Source: 24/7 Wall St. — https://247wallst.com/investing/2026/09/18/should-you-buy-the-instacart-dip-even-after-costco-just-let-doordash-in
- Author: Omor Ibne Ehsan
- Published: 2026-09-18T20:50:45+00:00
- Read time: 1 min
- Topics: instacart, maplebear, cart stock, costco, doordash, grocery delivery, same-day delivery, advertising revenue, enterprise software, stock analysis, retail partnerships
## Instacart trades 28% below target
Maplebear, Instacart's parent, trades at $45.43 versus a Wall Street consensus of $58. The gap implies roughly 28% upside if analysts are right.
## Costco gave DoorDash delivery access
DoorDash launched nationwide same-day delivery from every U.S. Costco warehouse. Investors read it as a direct hit on Instacart's most valuable relationship.
## Instacart still powers Costco's sites
Instacart still runs Costco's branded same-day websites in the U.S. and Canada. Costco added a channel rather than replacing Instacart entirely.
## Advertising revenue grew 16% in Q2
Q2 advertising revenue grew 16% to $297 million, and adjusted EBITDA climbed 19% to $313 million. Free cash flow reached $480 million, funding $325 million of buybacks.
## DoorDash is falling too
DoorDash is down 10% over the past month and 14% year to date. An unambiguous share transfer would have DoorDash rallying, yet it's selling off alongside Instacart.
## Analysts remain constructive
Five analysts rate CART Strong Buy, 13 Buy, 14 Hold, and zero Sell. The $58 average target has held through the Costco news.
## The bull case depends on advertising
Bulls win if advertising keeps compounding mid-teens and Costco marketplace baskets stay sticky. Bears win if DoorDash steals high-value baskets and take rates compress.
## Watch Q3 advertising growth
The variable to watch is Q3 advertising growth against management's 15% to 18% guide. If that holds, the Costco panic ages poorly.
## Key takeaway

Instacart still powers Costco's branded websites and the DoorDash deal adds a channel rather than replacing existing partnerships.