Ladenburg initiated coverage of Serve Robotics (SERV) with a Buy rating and $16 price target Serve Robotics aims to bring modernization to last mile delivery, the analyst tells investors in a research note. The firm says app-based third-party delivery is a sizable market, but one that is resource intensive and plagued by inefficiencies and high costs. Serve costs run in the mid-single digits today per delivery with a goal of getting below $1 at scale, Ladenburg points out. It believes the company has the infrastructure to capture share. Serve Robotics “has a strong early foothold in disrupting a very large market,” contends the firm.
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