3 Reasons Uber Stock Is Winning in 2020
It's been two months since I predicted that Uber (NYSE: UBER) and Lyft (NASDAQ: LYFT) would beat the market in 2020, a call that I assure you was as contrarian as it seemed outrageous at the time. The ride-hailing duopoly had come under hard times since going public with 10-figure annual deficits and California tightened gig-economy restrictions. Wall Street's penchant for going unicorn hunting in a forest well stocked with members of the 2019 IPO class didn't help, either.
The pessimism has taken a backseat so far in 2020. Uber shares are soaring 26% through the first three weeks of the year. Lyft is a relative slacker with its 12% year-to-date gain but is easily smoking the market with its 3% return this month. Let's turn our attention to why Uber -- and the ridesharing market in general -- is shifting out of reverse this year.
Image source: Uber Technologies.
Source Fool.com
