Serve Robotics (SERV) PT Lowered to $16 at Cantor Fitzgerald on Lower Robot Deliveries in FY26

Cantor Fitzgerald analyst Andres Sheppard lowered the price target on Serve Robotics (NASDAQ: SERV) to $16.00 (from $17.00) while maintaining a Overweight rating.

The analyst commented, "We are encouraged by SERV's deployment of ~>1,000 robots in 4Q and by the deployment of ~2,000 total robots in FY25 (in line with management's target). Additionally, in 4Q25, the company reported daily active robots of 547 (vs. 312 robots in 3Q25, up ~75.3%) and daily supply hours of 6,676 (vs. 3,781 in 3Q25, up ~76.6%), with average daily operating hours per robot of 12.2 hours (up ~0.7% QoQ). Separately, we expect SERV will benefit from its recent acquisition of Diligent Robotics, whereby management disclosed it expects ~$7M of revenue from Diligent's Healthcare contracts with hospitals in FY26. We expect this acquisition can help diversify SERV's revenue streams while potentially providing some AI cross-training opportunities between SERV's delivery robots and Diligent's Moxi hospital robots. Overall, we continue to believe that SERV benefits from: compelling unit economics, material partnerships (UberEats, DoorDash, and Nvidia) for scale and expansion, and multiple applications that increase the TAM. We reiterate our OW rating, and we lower our PT to $16 (from prior $17), driven by lower robot deliveries in FY26, and since we want to remain conservative in our initial assumptions. Additionally, we expect new competitors to enter this sector over the next couple of years."

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