Tesla's Robotaxi Plans: Potential Threat Or Future Partner For Uber?
Tesla's Robotaxi Plans: Potential Threat Or Future Partner For Uber?
BofA analyst Justin Post reiterated a Buy rating on Uber Technologies, Inc (NYSE:UBER) with a price target of $91.
美國銀行分析師賈斯汀·波斯特重申了對優步科技公司（紐約證券交易所代碼：UBER）的買入評級，目標股價爲91美元。
Post remained constructive on Uber as his top travel and transportation stock, given bookings and EBTIDA growth well above peers. Data points for first-quarter Mobility spending suggest accelerating trends, while Restaurant spending may have decelerated, though Uber's other verticals should drive above-industry trends.
鑑於預訂量和息稅折舊攤銷前利潤的增長遠高於同行，波斯特對優步作爲其最大的旅行和交通股票持建設性看法。第一季度出行支出數據顯示出加速趨勢，而餐廳支出可能有所減速，儘管優步的其他垂直行業的推動趨勢將高於行業的趨勢。
Also Read: Uber Eats Embraces TikTok Wave with New Short-Form Video Discovery Tool
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Overall, with Leap Year and Easter benefits, Post expects results in line with his estimates for core bookings to accelerate 1pt to 24% year-on year CC (23% Y/Y including FX and above Street at 22%). Scaling New Vertical products like Hailables, Shared Rides (now a $1 billion+ run rate product), and Grocery should continue to fuel overall new vertical growth, which he estimates to reach $4.4 billion in
總體而言，考慮到閏年和復活節福利，Post預計業績與他的估計一致，核心預訂量將同比增長1個百分點至24％（同比增長23％，包括外匯和華爾街以上的22％）。擴大Hailables、Shared Rides（現在的運行率超過10億美元的產品）和Grocery等新的垂直行業產品應繼續推動整體新的垂直增長，他估計垂直行業增長將達到44億美元
first quarter (58% Y/Y) and contributed 3.4pts to core bookings growth.
第一季度（同比增長58％），爲核心預訂量增長貢獻了3.4個百分點。
Post noted Uber can continue delivering strong incremental EBITDA margins through advertising growth.
Post指出，優步可以通過廣告增長繼續提供強勁的增量息稅折舊攤銷前利潤率。
He projected first-quarter bookings, revenue and EBITDA of $38.3 billion, $10.09 billion and $1.33 billion, above Street at $38.0 billion, $10.09 billion and $1.32 billion.
他預計，第一季度的預訂量、收入和息稅折舊攤銷前利潤分別爲383億美元、100.9億美元和13.3億美元，高於華爾街的380億美元、100.9億美元和13.2億美元。
Given a relatively constructive mobility data, mixed delivery data and sequential calendar related headwinds for Internet sector, Post expects second-quarter bookings guidance of $39.5 billion – $40.5 billion (midpoint in line with Street at $40.0 billion). For EBITDA, he expects a guidance range of $1.42 billon – $1.50 billion (with the midpoint slightly below Street at $1.47 billion).
鑑於互聯網行業相對建設性的出行數據、喜憂參半的交付數據以及與連續日曆相關的不利因素，Post預計第二季度的預訂量預期爲395億美元至405億美元（中點與華爾街400億美元持平）。他預計息稅折舊攤銷前利潤的指導區間爲14.2億美元至15.0億美元（中點略低於華爾街的14.7億美元）。
Tesla Inc (NASDAQ:TSLA) CEO Elon Musk recently reiterated that the company is focused on building a robotaxi capability for existing FSD vehicles, which could be viewed as a competitive threat to Uber.
特斯拉公司（納斯達克股票代碼：TSLA）首席執行官埃隆·馬斯克最近重申，該公司專注於爲現有的FSD車輛建立機器人出租車能力，這可能被視爲對優步的競爭威脅。
However, Post noted Tesla's focus is not so much on competing with Uber as it is unlocking use cases (and economics) for Tesla customers who want better asset utilization from their vehicles.
但是，《郵報》指出，特斯拉的重點與其說是與優步競爭，不如說是爲希望提高車輛資產利用率的特斯拉客戶解鎖用例（和經濟學）。
This would also make Tesla vehicles more affordable compared to other brands that don't have this option to increase utilization. To that end, Post noted that (in the long term) Uber and Tesla could partner.
與其他沒有這種選擇來提高利用率的品牌相比，這也將使特斯拉汽車更實惠。爲此，《郵報》指出，（從長遠來看）優步和特斯拉可以合作。
However, additional announcements around Tesla's robotaxis will likely continue to act as an adverse headline risk for Uber stock.
但是，有關特斯拉機器人出租車的更多公告可能會繼續對優步股票構成不利的總體風險。
Overall, Post noted that the industry is years away from total autonomous vehicles being a viable and reliable nationwide ride-sharing solution. According to the analyst, increasing competition in the AV industry could be a long-term positive for Uber.
總體而言，Post指出，該行業距離自動駕駛汽車成爲可行且可靠的全國性拼車解決方案還有數年的時間。根據分析師的說法，自動駕駛行業競爭的加劇對優步來說可能是長期的積極因素。
Uber remains one of the best large cap growth stories in the sector and is attractively valued, as per the analyst.
分析師稱，優步仍然是該行業中最好的大盤股增長公司之一，其估值極具吸引力。
Price Action: UBER shares traded lower by 2% at $67.67 at the last check Monday.
價格走勢：在週一的最後一次支票中，優步股價下跌2％，至67.67美元。
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