Daiwa analyst Jairam Nathan downgraded Uber (UBER) to Neutral from Outperform with a price target of $84, up from $73. The firm sees limited valuation upside and potential risks from a high fixed-cost robotaxi model even under an Uber network. The company has less control over pricing as robotaxis try to increase frequency, the analyst tells investors in a research note. The recent share outperformance following Tesla’s (TSLA) “unimpressive” robotaxi event leaves limited upside to Uber’s valuation, contends Daiwa.
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