Serve Robotics Gains After Wedbush Initiates With "Outperform" Rating
Shares of delivery robots maker Serve Robotics SERV.O rise 9% to $11.16 in morning trading.
Wedbush Securities initiates coverage with "outperform" rating and price target of $15.
PT represents an upside of ~46% to Tuesday's closing price of $10.27.
"Serve Robotics has established a pioneering autonomous delivery platform that is uniquely positioned to capitalize on the accelerating adoption of AI-driven last mile delivery vehicles" - Wedbush Securities.
The stock has "gotten hammered" since the start of this year, as the company lost momentum following Nvidia's decision to sell its 10% stake in the company in late 2024 - brokerage.
Uber Technologies UBER.N, which is a partner for delivery operations, is SERV's largest shareholder with an ~8% stake - data compiled by LSEG.
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