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Uber, Lyft shares boosted as Wall Street continues to like gig companies’ recession chances

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Uber and Lyft shares jumped in Monday trading as Wall Street analysts continued to suggest that gig companies could flourish in any coming economic pullback. $LYFT is trading nearly 9% higher:

Uber Technologies Inc. and Lyft Inc. shares jumped in Monday trading as Wall Street analysts continued to suggest that gig companies — largely founded during and after the last large U.S. recession — could flourish in any coming economic pullback.

The analysts upgraded Uber on their belief that out of the biggest gig companies, it may be in the best position to withstand a possible recession. They said Lyft and Getaround Inc. GETR, -2.48%, a peer-to-peer car-sharing platform, are also likely to benefit. But because of its scale, Uber is “our #1 way to invest in this theme,” they added.

See: Uber, DoorDash and Lyft could see hundreds of thousands of new gig workers because of recession, analysts say Piper Sandler also downgraded DoorDash’s stock, with analysts saying they preferred Uber’s chances owing to slowing demand for delivery.

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