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Investing.com — Shares of Grab Holdings Ltd (NASDAQ:GRAB) have strengthened Thursday after Jefferies initiated the stock with a buy rating. Grab — a Southeast Asian technology company — offers transportation, food delivery and digital payments services through its mobile app.
Analyst Thomas Chong, set a $10.50 price target on the stock, telling investors the company is ranked first in Southeast Asia by market share across deliveries, mobility and digital finance.
The business’s growth has come despite Grab having less than 10 years of operational mobility and five years in financial services and food delivery.
Chong, who described the stock as a “multi-year story,” continued by explaining that Grab also has a diversified revenue base, and he sees huge opportunities in the region based on user base and rising online penetration in different segments.
Grab shares rose 2.5%, to $7.14.
