Loop Capital analyst Jeffrey Kauffman lowered his price target on Uber to $48 from $54 and on Lyft to $52 from $60, saying the companies' long-term earnings power is being reduced with AB5 legislation in California moving forward while effectively turning its "gig workes" into W2 employees with guaranteed wages and benefits. The analyst believes that ultimately, the companies will reach a concession that raises costs and will be passed on to consumers through higher price, resulting in some "negative demand elasticity". Kauffman keeps his ratings on Uber at Buy and Lyft at Hold.

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.

Tigress Financial raised the firm's price target on Lyft to $24 from $22 and keeps a Buy rating on the shares. The company will continue to see ongoing growth in ridership and use, ongoing operating efficiencies, and increasing advertising revenue, which will continue to drive further share price gains, the analyst tells investors in a research note. Lyft's growth in Riders and Drivers, combined with increasing incremental revenue from advertising and other key growth initiatives, will continue to drive accelerating Business Performance trends, the firm added.