UPDATE: Evercore ISI Starts Grab Holdings Inc. (GRAB) at Outperform

Evercore ISI analyst Mark Mahaney initiates coverage on Grab Holdings Inc. (NASDAQ: GRAB) with a Outperform rating and a price target of $10.00.

The analyst comments "We are initiating coverage of GRAB with an Outperform rating and $10 price target. GRAB is in a strong position being the category leader in Southeast Asia across its Delivery and Mobility segments, which we think affords the company meaningful scale and network effect advantages. The company’s strong cohort retention/spending trends and higher retention as the company leans into cross platform utilization leaves us confident in the company’s ability to sustain premium growth long-term. Near-term, given regional COVID instability – mgmt. recently lowered FY21 GMV guide ~9% due to lockdowns – we fully acknowledge the risk surrounding the co.’s Mobility recovery curve, but with GRAB shares trading at 0.6x EV/’23E GMV and 4.8x EV/’23E Sales, we see greater upside vs. downside risk."

For an analyst ratings summary and ratings history on Grab Holdings Inc. click here. For more ratings news on Grab Holdings Inc. click here.

Shares of Grab Holdings Inc. closed at $6.38 yesterday.

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