Why Shares of Uber Are Sinking Today (Hint: It Has to do With Tesla)
Shares of the ride-hailing giant Uber (NYSE: UBER) traded roughly 4.5% lower in the final half-hour of trading today after a Wall Street analyst cited a potential threat to Uber's business model and long-term strategy.In a research note, Wedbush analyst Scott Devitt maintained a "neutral" rating on Uber and an $85 price target but noted that Tesla's soon-to-launch robotaxis present a threat to the company's long-term vision. The news comes after Bloomberg reported that Tesla plans to launch robotaxis in Austin on June 12.Image source: Getty Images.Continue reading
Shares of the ride-hailing giant Uber (NYSE: UBER) traded roughly 4.5% lower in the final half-hour of trading today after a Wall Street analyst cited a potential threat to Uber's business model and long-term strategy.
In a research note, Wedbush analyst Scott Devitt maintained a "neutral" rating on Uber and an $85 price target but noted that Tesla's soon-to-launch robotaxis present a threat to the company's long-term vision. The news comes after Bloomberg reported that Tesla plans to launch robotaxis in Austin on June 12.
Image source: Getty Images.
