Citi upgrades Uber to buy: 'The risk/reward has tilted favorably' (via cnbcpro )
Citi said in its upgrade note it was maintaining it $45 price target on Uber.
"There’s no question that AB5 remains a legitimate NT overhang on an otherwise improving rides business, but we also think the issue is masking other potential profit levers, as well as a terminal value scenario that was always going to look somewhat different than today’s rides business," Citi analysts said.
Dara Khosrowshahi, chief executive officer of Uber Technologies Inc., speaks on a webcast during the company's initial public offering on the floor of the New York Stock Exchange in New York, U.S., on Friday, May 10, 2019.to buy on Monday and said that while recent overhangs like California Assembly Bill 5 and the IPO lock-up might continue, there was now more clarity as to how it would impact the company going forward.
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