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Bank of America weighed in on Grab Holdings Limited (NASDAQ:GRAB) following the Asian tech player's investor event.
The firm said the key message from the analyst day was that Grab is committed to sustained revenue growth while focusing on improving path to profitability. Grab guided for 2023 revenue growth of 45% to 55%, which is a range with a midpoint ahead of the consensus estimate of +46%. Grab also targeted adjusted EBITDA break-even by the second half of 2024.
BofA's walked away positive on competition rationalizing and inflation not being a major impact for Grab. However, a Neutral rating is kept in place due to concerns on heightened competition for next 6-9 months, headwinds from higher oil prices, and potential selling by pre-IPO investors.
Shares of GRAB fell 4.09% on Tuesday and are down 63% year-to-date.
Read more details on Grab's analyst day presentation.