BMO Capital notes that shares of Uber (UBER) underperformed following the announced launch date of Tesla’s (TSLA) Robotaxi offering in Austin. This was expected, and the firm believes shares are oversold at current levels, given Uber continues to expand internationally with the purchase of Denmark’s largest Taxi company, Dantaxi; continued positive trends for AV adoption in Austin; and ongoing innovation for both Mobility and Eats. BMO reiterates an Outperform rating on “Top Pick” Uber, with a price target of $101.
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