BofA: 'NVDA could democratize AV market, positive for Uber'

BofA Securities analyst Justin Post reiterated a Buy rating and $119.00 price target on Uber Inc. (NYSE: UBER).

The analyst comments "We continue to see Nvidia’s AV initiatives as critical for Uber, as Nvidia is a well-funded partner aligned with Uber to help accelerate the adoption of L4 technology. Nvidia’s AV hardware and software solutions, if successful, will likely significantly lower the barrier for OEMs to develop their L4 AV capabilities. In a scenario where multiple AV OEMs are producing L4 AVs, we believe Uber has a better opportunity to both purchase and lease AVs for its network, and offer consumers opportunities to monetize their AVs on Uber’s network. Also, more competition could incentivize AV suppliers (including Waymo, Zoox, and Tesla) to supply AVs on Uber’s network. Reiterate Buy on Uber."

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

Shares of Uber Inc. closed at $80.74 yesterday.

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