As previously reported, Citizens upgraded Uber (UBER) to Outperform from Market Perform with a $100 price target. The firm’s worries around headline risk around competition, specifically from Tesla (TSLA), remain, but its upgrade is based on better valuation, the analyst tells investors. While the firm still expects competition from Tesla to be meaningful in the years to come, it believes Uber is doing “an exceptional job” building out a strong network of AV partners that it can aggregate in the medium term, the analyst added.
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