Maplebear (CART) shares were up Tuesday after BTIG upgraded the stock of the Instacart parent company and Mizuho initiated coverage of the grocery delivery company.

Mizuho initiated coverage with an outperform rating and a $55 price target while BTIG upgraded the stock to buy from neutral and set a $58 price target.

Mizuho analysts said in a new research note that the company's category-leading position is often "underappreciated" by investors who often miss how Instacart protects its competitive advantage by working closely with grocers to track inventories and maintain a specialized workforce to create unique customer experiences.

Price: 46.51, Change: +2.00, Percent Change: +4.49