Tesla robotaxi event concludes six months of Uber event worry, says BofA

After Tesla (TSLA) hosted its Robotaxi event “We, Robot” last night in Los Angeles, BofA analyst Justin Post notes that key announcements for Uber (UBER) investors included the robotaxi “CyberCab,” high-capacity vehicle “Robovan,” and Tesla having showed off a humanoid robot “Optimus.” While some concerns will linger for Uber investors, the announcements “did not fully live up to fears,” argues the analyst, who says investors knew a CyberCab prototype was coming and the event lasted only 19 minutes with less concrete details and timelines than feared for Uber. The firm, which expects increasing competition between Waymo (GOOGL) and Tesla and the other 30 AV competitors in California to benefit Uber, given its position as a partner to multiple AV providers, reiterates a Buy rating and $88 price target on Uber shares.