Uber and Lyft shares jumped in Monday trading as Wall Street analysts continued to suggest that gig companies could flourish in any coming economic pullback. $LYFT is trading nearly 9% higher:
Uber Technologies Inc. and Lyft Inc. shares jumped in Monday trading as Wall Street analysts continued to suggest that gig companies — largely founded during and after the last large U.S. recession — could flourish in any coming economic pullback.
The analysts upgraded Uber on their belief that out of the biggest gig companies, it may be in the best position to withstand a possible recession. They said Lyft and Getaround Inc. GETR, -2.48%, a peer-to-peer car-sharing platform, are also likely to benefit. But because of its scale, Uber is “our #1 way to invest in this theme,” they added.
See: Uber, DoorDash and Lyft could see hundreds of thousands of new gig workers because of recession, analysts say Piper Sandler also downgraded DoorDash’s stock, with analysts saying they preferred Uber’s chances owing to slowing demand for delivery.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Top Wall Street analysts pick these stocks to celebrate the new yearTipRanks analyst ranking service pinpoints Wall Street's best-performing stocks, including Apple and Bumble.
Read more »
Asian shares track Wall Street rally tipped by slowing U.S. wagesGains in technology shares boosted benchmarks in South Korea, Hong Kong and Taiwan. Japan's markets were closed for a holiday.
Read more »
Mayor Kate Gallego apologizes to Wall Street Journal reporter handcuffed by Phoenix policeMayor Kate Gallego has personally apologized to the Wall Street Journal reporter who was handcuffed and detained by a Phoenix police officer the day before Thanksgiving.
Read more »
Here are Monday's biggest analyst calls: Apple, Tesla, Amazon, Netflix, Alibaba, Meta, Uber & moreAnalyst call of the day for CNBCPro subscribers: JPMorgan reiterates Netflix as overweight and says it’s staying bullish heading into Netflix earnings next week. Subscribe to see the analyst calls of the day curated by CNBC Pro.
Read more »
Ask Amy: An act of love is better than a LyftAdvice columnist Amy Dickinson answers her readers’ questions in this January 8, 2023 edition of Ask Amy.
Read more »
Former Lyft driver accused of kidnapping, sexually assaulting passenger in suburbs sentencedHe allegedly picked up a female passenger and drove her to Elk Grove Village instead of the address she requested in Des Plaines, police said.
Read more »