Serve Robotics gains after Wedbush initiates with 'outperform' rating

Shares of delivery robots maker Serve Robotics SERV.O rise 3.5% to $10.63 premarket

Wedbush Securities initiates coverage with "outperform" rating and price target of $15

PT represents an upside of ~46% to Tuesday's closing price of $10.27

"Serve Robotics has established a pioneering autonomous delivery platform that is uniquely positioned to capitalize on the accelerating adoption of AI-driven last mile delivery vehicles" - Wedbush Securities

The stock has "gotten hammered" since the start of this year, as the company lost momentum following Nvidia's decision to sell its 10% stake in the company in late 2024 - brokerage

Uber Technologies UBER.N, which is a partner for delivery operations, is SERV's largest shareholder with an ~8% stake - data compiled by LSEG

Up to last close, shares down ~24% this year