Wedbush analyst Ygal Arounian raised his price target for GrubHub (GRUB) to $45 from $30, while keeping a Neutral rating on the shares. The analyst notes that press reports indicated that Grubhub has reached out to advisors to assist with a strategic review that may include an acquisition or a sale. Arounian can't rule out any specific scenario at this stage as 3P food delivery remains under competitive pressure, but expects in all likelihood any Grubhub consolidation would come through the three other large U.S. players - Doordash, Uber Eats (UBER), and Postmates. Of all the possible scenarios, he thinks a Doordash Grubhub combination makes the most sense, and a Grubhub takeover of Postmates addresses the fundamental issues at hand the least, as Postmates has by far the smallest market share of the top four national players.

Tigress Financial raised the firm's price target on Uber to $96 from $72 and keeps a Buy rating on the shares. The firm sees Uber using its dominant position in both ridesharing and delivery to drive user growth and use frequency, which leads it to see strong projected booking growth trends over the next three years. The firm, which also noted that Uber announced its first-ever share repurchase authorization of $7B following its first profitable year, points out that its raised target represents a potential return of 35% from current levels.

As previously reported, Loop Capital analyst Rob Sanderson initiated coverage of Instacart (CART) with a Buy rating and $46 price target. The firm is positive on the company's wide-margin leadership position in grocery delivery in the U.S. which has also been "gaining share". While competition from restaurant delivery networks DoorDash (DASH) and Uber (UBER) have been gaining traction with convenience and "top-up" items, they have not cracked the weekly shop use case, the analyst tells investors in a research note. Loop adds that the stock is trading at an "attractive" 40% discount to the average of gig-economy peers on 2025 EBITDA.

Serve Robotics (SERV), an autonomous sidewalk delivery company, announced the pricing of its underwritten public offering of 10,000,000 shares of common stock at a price to the public of $4.00 per share, for aggregate gross proceeds of $40 million, prior to deducting underwriting discounts and offering expenses. The offering includes the participation of one of Serve's largest stockholders and strategic partners, Postmates, LLC, a wholly-owned subsidiary of Uber Technologies Inc (UBER). Serve plans to use net proceeds from the offering to fund research and development of the next generations of Serve's robots, manufacturing activities, geographic expansion, and for working capital and other general corporate purposes. Aegis Capital Corp. is acting as the sole book-running manager for the offering.