JPMorgan analysts said Friday that they now expect the company's rebound from a virtual shutdown of its core ride-hailing business to be slower than expected.
"While we haven't seen a noticeable decline," they continue, "the resurgence of cases in France, Spain, and the UK poses a risk as governments employ partial lockdowns to control the pandemic's spread." Shares of Uber were up 2% in trading Friday following the restrained optimism from JPMorgan, which re-iterated its buy rating for the stock.Lyft, which only operates competing services in North America, is seeing its rides business bounce back at about the same cadence as Uber. But without a food-delivery business to bolster a 54% decline in rides in August compared to last year, JPMorgan projects it won't reach profitability until the end of 2021.
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