Uber rises as Piper Sandler calls co 'top idea' for 2023

Getaround

09/01/2023 14:29

** Uber Technologies Inc's  UBER.N  shares up ~4% at $27.41
premarket as Piper Sandler upgrades to "overweight" from
"neutral", calling it a top investment idea for 2023
    ** Piper raises PT by $2 to $33, implying 25% upside to
stock's last close
    ** With vehicle prices near all-time highs, cash-strapped
customers will increasingly opt to hail rides vs replacing old
cars, Piper Sandler analyst Alexander Potter said in note
    ** This trend should also benefit Lyft  LYFT.O  and
Getaround Inc  GETR.N , he said
    ** Uber's scale and ability to cross-sell delivery and
ride-hailing services provide competitive edge, which should
help insulate it against recessionary headwinds, according to
Potter
    ** In turn, Potter downgrades food delivery firm DoorDash
Inc  DASH.N  to "underweight" from "neutral" to reflect relative
preference for UBER
    ** Now, 41 of 45 analysts rate UBER "buy" or higher", rest
are neutral; median PT is $43, per Refinitiv
    ** In 2022, UBER shares lost 41%
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))