Skip to main content

Wedbush's Ives Likes Uber and Lyft as Reopening Plays

Wedbush analyst Daniel Ives also recommends Tesla, Cerence, Nuance, Facebook, Amazon, Apple, Alphabet and Netflix.
  • Author:
  • Publish date:

Wedbush analyst Daniel Ives recommended Uber  (UBER) - Get Uber Technologies, Inc. Report, Lyft  (LYFT) - Get Lyft, Inc. Class A Report, Tesla  (TSLA) - Get Tesla Inc Report, Cerence  (CRNC) - Get Cerence Inc. Report and Nuance Communications  (NUAN) - Get Nuance Communications Incorporated Report as stock plays for a coronavirus-vaccine-present world.

“Our Covid playbook continues to be an offensive tech portfolio focused on cloud, cyber security, and FAANG [Facebook  (FB) - Get Meta Platforms Inc. Class A Report, Amazon  (AMZN) - Get, Inc. Report, Apple  (AAPL) - Get Apple Inc. Report Google  (GOOGL) - Get Alphabet Inc. Class A Report and Netflix  (NFLX) - Get Netflix, Inc. Report], names,” he wrote in a commentary.

That comes with “our view that tech stocks could have another 30% upward move in the cards over the next year, given the transformational growth stories playing out in the market,” Ives said.

“While valuations appear to be stretched to many, we continue to view this as a re-rating paradigm across the tech sector as the scarcity of secular growth stories remain front and center for the Street hunting for growth.”

Scroll to Continue

TheStreet Recommends

Thus, “with a vaccine here and a return to some form of normalization returning in the spring/summer 2021 timeframe, our core reopening tech/disruptive basket of Uber, Lyft, Tesla, Cerence, and Nuance (larger healthcare deals) should be on the radar screens of investors,” Ives wrote.

“Taking a step back, while the vaccine distribution and return to normalcy in 2021 remain front and center, we still believe for tech investors the playbook around owning work-from-home, FAANG and cloud stocks continue to be the right path for at least the next six to 12 months.”

Ives likes “cloud and cyber security names, as more enterprises and governments accelerate their applications/data workloads to a cloud driven environment.”

Uber recently traded at $53.20, down 1.1%; Lyft at $47.50, down 0.06%; Tesla at $618.53, up 2.33%; Cerence at $87.90, up 0.14%; and Nuance at $42.67, down 0.29%.