Uber Technologies Inc. (NYSE:UBER) may need thousands more autonomous vehicles on its platform before investors begin assigning greater value to its U.S. rideshare business, according to BTIG analyst Jake Fuller.
In a research note published Friday, Fuller reiterated a Buy rating and maintained a $100 price forecast, but argued that Uber’s growing list of autonomous vehicle (AV) partnerships has yet to meaningfully shift investor sentiment.
BTIG said fears that Alphabet Inc.’s (NASDAQ:GOOGL) Waymo could dominate the U.S. robotaxi market continue to weigh on Uber’s valuation, leaving little implied value for its domestic rideshare business after accounting for its delivery and international operations.
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