Rosenblatt launches online travel and mobility coverage, favors platform leaders

Investing.com -- Rosenblatt initiated coverage of the online travel and mobility sector, favoring the largest, most diversified platforms while staying on the sidelines on several names facing structural or competitive pressures.

Analyst Scott Devitt started Uber (NYSE: UBER) at Buy with a $100 price target, arguing recent share weakness tied to autonomous vehicle headlines has created an attractive entry point.

"The dislocation has created an attractive entry point to a high-quality, durably compounding platform," he wrote, calling the AV debate a longer-term overhang rather than a near-term risk.

He also started DoorDash (NASDAQ: DASH) at Buy with a $270 target, describing it as "the most defensible operator in mobility and delivery" as it compounds into a global logistics network spanning DoorDash, Wolt and Deliveroo.

In online travel, Devitt named Booking Holdings (NASDAQ: BKNG) the best-positioned agency globally, starting it at Buy with a $245 target and arguing the market is overstating AI disintermediation risk.

He also began Airbnb (NASDAQ: ABNB) at Buy with a $220 target, saying the overhang from its new business investments is lifting as those initiatives produce results.

On the more cautious side, Devitt initiated Instacart parent Maplebear (NASDAQ: CART) at Neutral with a $55 target, citing a softening leadership position despite healthy results.

He started Lyft (NASDAQ: LYFT) at Neutral with a $19 target, flagging a structural competitive gap, and Expedia (NASDAQ: EXPE) at Neutral with a $360 target, pointing to slowing bookings growth, U.S. consumer concentration and AI disintermediation risk.

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