Uber weakness creates more attractive entry point, says Jefferies

Jefferies notes Uber (UBER) shares are down 20% on renewed concern about robotaxi competition after reaching an all-time high in October. Key drivers of the concern include Waymo’s (GOOGL) share gains in San Francisco, Tesla’s (TSLA) bold ambitions, and a potential federal regulatory framework for autonomous driving, based on media reports, says the firm, which believes the recent weakness “creates a more attractive entry point.” The firm’s analysis shows the near-term impact to rideshare will be minimal and its view remains that robotaxi fleets are best off partnering with rideshare, adds the analyst, who keeps a Buy rating and $100 price target on Uber shares.