Uber's Optimism, DoorDash's Challenges, & More: Analyst Offers Insights On Mobility Stocks For 2024
Portfolio Pulse from Lekha Gupta
Wedbush analyst Scott Devitt provided insights on mobility stocks for 2024, with Uber Technologies Inc (UBER) rated Outperform with a $67 target, DoorDash Inc (DASH) rated Neutral with a $92 target, Instacart (CART) rated Neutral with a lowered target of $26, and Lyft Inc (LYFT) rated Neutral with a raised target of $14. Devitt highlighted growth drivers for UBER, execution risks for DASH, competitive challenges for CART, and industry trends benefiting LYFT. UBER shares rose 1.52%, DASH 0.67%, LYFT 0.10%, while CART shares fell 1.07%.
December 27, 2023 | 6:25 pm
News sentiment analysis
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NEGATIVE IMPACT
Instacart (CART) has its price target reduced to $26 by Devitt, maintaining a Neutral rating due to competitive pressures from Uber/DoorDash and grocers' in-house initiatives.
The reduction in price target and the expectation of market share erosion due to competition suggest a negative short-term impact on CART's stock price.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 80
NEUTRAL IMPACT
DoorDash Inc (DASH) retains a Neutral rating from Devitt with a $92 price target, acknowledging market share leadership but noting significant execution risks in grocery/retail and international markets.
While DoorDash has a strong market position, the identified execution risks could create uncertainty, likely resulting in a neutral short-term impact on the stock price.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 70
NEUTRAL IMPACT
Lyft Inc (LYFT) sees its price target increased to $14 by Devitt, who reaffirmed a Neutral rating, noting favorable industry trends but competitive disadvantages against diversified peers.
The raised price target indicates some positive sentiment, but the competitive concerns and the neutral rating suggest a balanced short-term impact on LYFT's stock price.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 70
POSITIVE IMPACT
Wedbush analyst Scott Devitt reaffirmed an Outperform rating on Uber with a $67 price target, citing strong growth drivers such as international penetration and vertical expansion.
The positive outlook from the analyst, including expected revenue and EBITDA margin expansion, suggests a bullish sentiment that could lead to a short-term increase in UBER's stock price.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90