Here's Why Serve Robotics Surged This Week
Shares in Serve Robotics (NASDAQ: SERV) rose by 15.7% in the week through Friday morning, driven higher by the initiation of coverage by Wedbush Securities, whose analyst Dan Ives slapped a $15 price target on the stock and gave it an "outperform" rating. Given that the price target represents a 33% premium to the stock price at the time of writing, it's not too late to buy in if you have confidence in the analyst's expectations.
While it's never a good idea to slavishly follow Wall Street analysts, there's certainly a case for the stock based on the growth potential for its last-mile delivery of artificial intelligence (AI)-driven robots. Last-mile deliveries to residential addresses can be costly and inefficient, and it makes perfect logistical and commercial sense to have them carried out by robots; hence Serve's contract with Eats.
Management has already launched the service in Los Angeles, Miami, Dallas, and Atlanta, and expects to scale these locations while launching additional ones in Chicago and ultimately reaching 2,000 robots in service by the end of the year.
Source Fool.com
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