(CercleFinance.com) – Uber shares traded sharply higher Monday morning on the New York Stock Exchange, driven by a note from Jefferies, which underlines the gigantic market potential available to the San Francisco group.
In a research note, Jefferies reveals that Uber’s two main markets, ride-hailing and meal delivery, are each estimated at around $1 trillion.
Knowing that the penetration rate of these two sectors is currently only 5%, Uber has, according to Jefferies, a “long growth trajectory”.
Given the diversity of the group’s offer and its geographical location, the broker believes that the company is able to extend its total addressable market (TAM) while accentuating its cross-selling and limiting its exposure to the economic situation. economic.
All this while the valuation of the title seems to integrate a prospect of downward revision of the forecasts of results of the market, points out the broker.
In this context Jefferies initiates coverage of the stock to ‘buy’ with a price target of 38 dollars.
Around 10:00 a.m. (New York time), the stock was up 4.2%.
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