Uber downgraded to Market Perform from Outperform at JMP Securities

JMP Securities analyst Andrew Boone downgraded Uber (UBER) to Market Perform from Outperform without a price target The firm views 2025 as a year of technology “inflection” for multiple major new technologies as generative artificial intelligence is operationalized and autonomous vehicles become more widespread. JMP downgraded Uber as the rideshare industry transitions to autonomous vehicles. Autonomous vehicles offer consumers a better experience, while Waymo is “blitzscaling” and has nearly unlimited access to capital given the size and potential of the AV ride-share market, the analyst tells investors in a research note. JMP acknowledges Waymo is still too small to materially impact Uber’s results, but says the stock’s valuation is “likely to be capped” until Uber better addresses the transition.