Uber Technologies' (UBER) evolving approach to protect its value proposition is likely to put strain on its relationship with Alphabet's (GOOG) Waymo, as autonomous vehicle competition landscape further intensifies, Wedbush said in a Tuesday note.
While Uber currently hold exclusivity over Waymo distribution and management in Atlanta and Austin, Wedbush said that Waymo's announcement that upcoming ridesharing services in Dallas next year will be launched via the Waymo app is indicative of a "deteriorating" relationship between the two companies.
Wedbush said it believed that while while Uber has done a "great job of positioning itself as a beneficiary of Waymo expansion", this perceived benefit would flip once the distribution need for the "autonomous on training wheels" phase of development is complete.
The firm maintained its neutral rating on Uber with a $85 price target.
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