Grab stock soars as Bernstein upgrades shares of the superapp company
In this article:
Yahoo Finance's Brian Cheung reports why Grab stock is jumping today.
Video Transcript
BRIAN CHEUNG: Let's take a look at a trending ticker before we go to break. We want to highlight shares of Singaporean tech startup Grab. They're on the move after an upgrade from Bernstein. You can see shares jumping up about 15% to $2.78. Bernstein writing in a note, our upgrade primarily reflects the favorable risk-reward, improving momentum in ride hailing, a big business line for Grab, which will offset a moderation in food and the potential long-term value from fintech and grocery. Their price target is about $3.04. Keep in mind this is a stock that, prior to today, was down 76% since they IPO'ed-- ouch. But again, up quite considerably today.
