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Investing.com -- Serve Robotics (NASDAQ:SERV) stock surged 14% after Wedbush analyst Daniel Ives initiated coverage with an Outperform rating and a $15 price target, representing significant upside from yesterday’s closing price of $10.27.
The autonomous delivery platform company, which spun off from Postmates in 2021, caught the analyst’s attention for its level 4 autonomous robots designed for last-mile delivery in urban environments. According to Ives, Serve Robotics "is uniquely positioned to capitalize on the accelerating adoption of AI-driven last mile delivery vehicles."
Serve’s technology allows its robotic fleet to navigate city streets and sidewalks while providing contactless delivery service without requiring technical expertise from users. The company has been forging partnerships with major industry players and merchant platforms to optimize deployments.
The company has ambitious expansion plans, aiming to scale to 2,000 robots across multiple cities by the end of 2025. Serve is also planning to launch in new cities with strong urban presences and favorable regulations, while developing strategic partnerships with restaurants and enterprises nationwide.
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