Serve Robotics initiated with a Buy at Seaport Research

Seaport Research initiated coverage of Serve Robotics (SERV) with a Buy rating and $12 price target. The firm estimates a $7B-$10.5B potential market size for sidewalk robots in the U.S. and believes Serve Robotics is well positioned to be a long-term winner in last-mile delivery given its strong engineering team, technology, and key partnerships, such as its deal with Uber (UBER), the analyst tells investors.