As previously reported, SunTrust analyst Mark Hughes downgraded James River Group (JRVR) to Hold and lowered his price target to $40 from $55 after the company's announcement that it will increase its reserves by up to $60M this quarter to account for commercial auto line of business losses as well as its ended Uber (UBER) relationship this year. As Uber reserves continue to develop adversely, the analyst is also lowering his FY20 EPS view on James River to $1.35 from $3.00, reflecting new assumptions about the company's profitability.

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.