Underwriters of Uber Technologies' initial public offering on Tuesday overw...
SAN FRANCISCO - Underwriters of Uber Technologies’ initial public offering on Tuesday overwhelmingly recommended the company’s shares, even as they estimated deeper losses than previously expected for the ride-hailing service this year.
“Uber is a transformational company that should benefit from secular shifts to the sharing economy , time saving services , and more efficient marketplace evolution ,” Bank of America analyst Justin Post wrote in his report, setting a $53 price target. “We see Uber as the most attractive Internet IPO since Facebook and believe that concerns related to Uber’s profitability outlook pose less risk than Facebook’s transition to mobile at that time,” wrote Deutsche analyst Lloyd Walmsley, rating it a “buy.”
William Blair analyst Ralph Schackart, rating Uber “outperform” in part on the basis of its breadth of operations, estimated it will lose $9.6 billion this year. Citi analyst Mark May said opportunities remained in transportation services, but he was cautious about competition, regulatory pushback and uncertainty around the future of autonomous vehicles.
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