BofA analyst Sachin Salgaonkar upgraded Grab Holdings (GRAB) to Buy from Neutral with an unchanged price target of $6.30. The firm cites valuation for the upgrade following the stock’s recent underperformance. The fundamentals of Grab’s core mobility and deliveries business remain strong amid low competition and stable-to-improving margins, the analyst tells investors in a research note. BofA believes the company’s potential buyback limits the stock’s downside risk. It sees a favorable risk/reward post the selloff with a “disconnect” between Grab’s fundamentals and valuation.
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