Top Pick Uber Poised For Growth, While Lyft And Doordash Hold Steady: Sector Analysis
Portfolio Pulse from Piero Cingari
Wells Fargo has assigned an Overweight rating to Uber Technologies (NYSE:UBER) and Equalweight ratings to Lyft (NASDAQ:LYFT) and Doordash (NYSE:DASH). The bank predicts increasing stabilization in the rideshare/delivery subsector in 2023/24 and is bullish on UBER, setting a price target of $50.
June 08, 2023 | 5:35 pm
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POSITIVE IMPACT
Wells Fargo assigns Overweight rating to UBER, predicting stabilization in rideshare/delivery subsector and setting a price target of $50.
Wells Fargo's Overweight rating and bullish stance on UBER indicate a positive outlook for the stock. The bank's prediction of stabilization in the rideshare/delivery subsector and a price target of $50, representing a 24% increase from current levels, suggest potential short-term gains for UBER.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Wells Fargo assigns Equalweight rating to DASH, with a price target of $70, marginally lower by 2% compared to market prices.
Wells Fargo's Equalweight rating and $70 price target for DASH, which is 2% lower than market prices, suggest a negative short-term outlook for the stock. The bank's neutral stance on DASH compared to its bullish view on UBER may lead to underperformance in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
Wells Fargo assigns Equalweight rating to LYFT, with a price target of $9, implying a 13% downside from current levels.
Wells Fargo's Equalweight rating and $9 price target for LYFT, which implies a 13% downside from current levels, suggest a negative short-term outlook for the stock. The bank's neutral stance on LYFT compared to its bullish view on UBER may lead to underperformance in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 100