Getaround surges on Wedbush 'outperform' rating

Getaround

13/01/2023 15:33

** Shares of online car rental service platform Getaround
Inc  GETR.N  rise ~20% to $0.78 as Wedbush initiates coverage
with 'outperform' rating 
    ** Brokerage sets PT of $5; implies an upside of nearly 7
times the last closing price 
    ** Says co's goal of shifting towards car rentals has
received tremendous response with market opportunity
    ** GETR, which is built on the model of allowing car owners
(hosts) to rent their vehicles, has lately expanded its model
with one in four hosts trying to become Power Hosts 
    ** Power Hosts are treated as entrepreneurs on the network
who manage several cars 
    ** Getaround is disrupting the connected car industry and
provides access to cars in a manner that is not difficult,
offline or analog - Wedbush 
    ** Stock is up ~22% YTD 
 (Reporting by Anirban Chakroborti in Bengaluru)
 ((Anirban.Chakroborti@thomsonreuters.com;))