Grab Holdings downgraded to Outperform from Buy at Daiwa

Daiwa downgraded Grab Holdings (GRAB) to Outperform from Buy with a price target of $5.20, down from $6. The company’s 2025 EBITDA guidance of $440M-$470M was a disappointment to investors, the analyst tells investors in a research note. The firm believes the first half of 2025 is likely to be an investment phase for Grab, which limits the chance of an upward earnings revision. However, this could pave the way for a re-acceleration in revenue in the second half of the year, contends Daiwa.