Serve Robotics initiated with an Overweight at Cantor Fitzgerald (yesterday)

Cantor Fitzgerald analyst Andres Sheppard yesterday morning initiated coverage of Serve Robotics (SERV) with an Overweight rating and $17 price target Serve manufactures autonomous, artificial intelligence-powered robots that deliver food in urban cities, the analyst tells investors in a research note. The firm believes the company benefits from “compelling” unit economics, material partnerships for scale and expansion, and multiple applications that increase its total addressable market. Cantor expects Serve to price its long-term per delivery fee more competitively than the average courier costs and for the company’s robots to have a breakeven period of less than two years, thereby yielding compelling unit economics.