Grab Holdings upgraded to Neutral at JPMorgan after headcount cuts

As previously reported, JPMorgan upgraded Grab Holdings to Neutral from Underweight with a price target of $3.10, up from $2.55, following the company’s announcement that it is cutting headcount by about 11%. The firm estimates this will represent $80M-$100M in annual cost savings and believes the reduction in headcount indicates Grab’s increased focus on costs, adding that it sees “further room” to cut costs.