Evercore 'slightly less constructive' on Uber and Lyft, but still bullish » 09:0309/1609/16/21
After speaking with Harry…
After speaking with Harry Campbell, founder of The Rideshare Guy, Evercore ISI analyst Mark Mahaney remains bullish on both Uber Technologies (UBER) and Lyft (LYFT). With that said, the analyst now has a "slightly less constructive stance," saying the pace of the ridesharing recovery "appears more gradual than we had hoped." While Mahaney does not see material downside risk to Q3 consensus estimates, he also does envision any material upside for ridesharing bookings and revenue estimates. Nonetheless, the analyst reiterates Outperform ratings on Uber and Lyft. The risk/reward setup is "highly attractive," especially for Uber, although the fundamental recovery within U.S. rideshare may be slower than anticipated, Mahaney tells investors in a research note.
DoorDash sues New York City over order privacy, Bloomberg reports » 09:4609/1509/15/21
DASH, GRUB, UBER
DoorDash (DASH) has filed…
DoorDash (DASH) has filed a lawsuit against New York City over a law that forces third-party food delivery services to share customer information, claiming the law is a "shocking and invasive intrusion of consumers' privacy," Bloomberg's Chris Dolmetsch reports. DoorDash, Grubhub (GRUB) and Uber's (UBER) Uber Eats previously sued the city over a 15% limit placed on commissions charged by delivery services, saying that law is "nothing more than unconstitutional, harmful, and unnecessary government overreach that should be struck down." Reference Link
Uber's chief technology officer Sukumar Rathnam to step down, Reuters reports » 05:5809/1509/15/21
Sukumar Rathnam, Uber's chief technology officer, will step down as the head of engineering, Reuters' Sanjana Shivdas, Dania Nadeem and Kanishka Singh report, citing a company spokesperson. Rathnam, who joined Uber about a year ago, plans to leave in early October, the spokesperson said. While no reason was given for his departure, rumors swirled that Rathnam had been increasingly at odds with chief product officer Sundeep Jain. Reference Link
Twitter, Airbnb slide after Goldman says sell these Internet names » 10:3209/1309/13/21
TWTR, ABNB, AMZN, FB, LYFT, UBER, GOOGL, SNAP, EXPE
Shares of Twitter (TWTR)…
Dutch court rules Uber drivers are employees » 09:5809/1309/13/21
The Court of Amsterdam…
The Court of Amsterdam has ruled that drivers for Uber are employed, rather than self employed contractors. The court, which ordered Uber to pay EUR50,000 in costs, also found drivers are covered by an existing collective labor agreement in the country. Reference Link
Uber initiated with a Buy at Goldman Sachs » 05:1509/1309/13/21
Goldman Sachs analyst…
Goldman Sachs analyst Eric Sheridan initiated coverage of Uber Technologies with a Buy rating and $64 price target. The analyst initiated coverage of the U.S. internet sector with a "selectively positive view." The industry still has "ample opportunities" for secular revenue growth and increased operating efficiencies on the back of building scale in the coming years, Sheridan tells investors in a research note. The analyst sees Uber as the "next large cap platform ecosystem" in his coverage universe given its scale of user and economic capture around a common theme of local transportation and e-commerce.
Lyft initiated with a Buy at Goldman Sachs » 05:1409/1309/13/21
Goldman Sachs analyst…
Goldman Sachs analyst Eric Sheridan initiated coverage of Lyft with a Buy rating and $64 price target. The analyst initiated coverage of the U.S. internet sector with a "selectively positive view." The industry still has "ample opportunities" for secular revenue growth and increased operating efficiencies on the back of building scale in the coming years, Sheridan tells investors in a research note. The analyst sees Lyft as a pure play on the theme of transportation disruption in North America with some "upside optionality" around the rise of micromobility and the company's ability to expand its network into last mile logistics.
DoorDash, Grubhub, Uber Eats sue NYC over new fee cap law, WSJ reports » 06:3609/1009/10/21
DoorDash (DASH), GrubHub,…
DoorDash (DASH), GrubHub, and Uber Eats (UBER) are suing New York City, or NYC, over its new law that permanently caps the amount of commissions their apps can charge restaurants to utilize their services, Heather Haddon and Preetika Rana of The Wall Street Journal report. The companies contend the fee cap is harmful, unconstitutional, and would cost the them hundreds of millions of dollars combined through July, the companies said in the suit filed in the federal court in New York, according to the Journal. San Francisco's board of supervisors enacted a similar law in June and the apps have filed a suit there as well. Reference Link
|Over a week ago|
Uber and convenience store delivery platform Lula partner for c-store delivery » 15:0809/0909/09/21
"Lula and Uber…
"Lula and Uber Technologie announced a partnership that will empower thousands of convenience stores, c-stores, to offer on-demand delivery to customers through Uber Eats. Convenience stores often referred to as c-stores, are ubiquitous -- with a store located under three miles away from each household. c-stores are an essential part of the U.S. economy, with nearly 165 million transactions daily. However, a large majority of c-stores are unable to offer last-mile delivery. This is predominantly due to infrastructural issues with brick-n-mortar retail, with a lack of technical resources within c-store locations. While there are over 150k c-stores nationally, these stores have had difficulty making the switch to digital. Lula and Uber's partnership aims to bridge this gap through Lula's virtual c-store offering. Launching this fall, Lula's software will help c-stores quickly transform their store into a virtual listing for Uber Eats customers to enjoy. Lula offers inventory management and aggregation software that enables c-stores to easily sync and manage their inventory through the Lula for Stores app -- making it available on Uber Eats. Uber Eats customers will be able to find these "Lula Convenience Stores" in the new "Convenience" category now available on Uber Eats. This exciting partnership between Lula and Uber will benefit thousands of convenience stores across all 50 states in the U.S. - which may have all the popular items desired by shoppers but no way of getting their selection online. Given the rapid rise of on-demand delivery, Lula & Uber aim to create more opportunities for brick-n-mortar stores to benefit and modernize for the digital age," said the companies in a statement
Netflix, Uber added as top U.S. Internet picks at JPMorgan » 08:4609/0909/09/21
NFLX, UBER, GOOGL, GOOG, LYFT, AMZN, FB, PTON, TWTR
JPMorgan analyst Doug…
JPMorgan analyst Doug Anmuth has added Netflix (NFLX) and Uber (UBER) as top U.S. Internet picks and removed Google (GOOGL) and Lyft (LYFT) from his top picks list in the space. Anmuth now lists Amazon (AMZN), Facebook (FB), Peloton (PTON), Twitter (TWTR), Netflix and Uber as his "Best Ideas in 2021" and has Overweight ratings on those six stocks. He also maintains Overweight ratings on Google and Lyft despite removing them as top picks.