A new Bank of America (BAC) Global Research report found a rising supply of Uber (UBER) drivers was the main driver of the company’s first profitable quarter.
“We see Uber as the top Internet stock in our coverage universe for Urban reopening and improving labor conditions and think multiple expansion is possible on market share gains,” BofA analyst Justin Post wrote in the report released Monday.
The report noted that a higher-than-expected mobility take rate, which measures how much…
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