Goldman Sachs analyst Eric Sheridan keeps a Buy rating and $96 price target on Uber (UBER) but notes that the company is offering the best risk-reward and an “attractive buy opportunity” in the firm’s large-cap sector coverage. Investor concerns related to Mobility gross bookings slowing and the rise of autonomous vehicle – AV – technology contributed to Uber stock underperforming, but the firm contends that incumbent rideshare networks will primarily operate as asset-light third-party marketplaces for AV fleet operators to plug their supply into as a way to generate demand and maximize utilization, the analyst tells investors in a research note. Goldman adds that the industry is in its early stages, with important questions remaining around which AV companies can first solve the technology problem and become operational.
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