Investing.com -- Jefferies said AI advancements could create fresh investment opportunities beyond hyperscalers, as it highlighted companies like Reddit and Uber (NYSE:UBER) as key beneficiaries. The brokerage remains most optimistic about Uber, DoorDash (NASDAQ:DASH), Zillow (NASDAQ:ZG), and Etsy (NASDAQ:ETSY) for fourth-quarter results, while expressing caution on Airbnb, eBay (NASDAQ:EBAY), and Duolingo (NASDAQ:DUOL).
“Recent developments could trigger new ways to play AI in Internet (beyond hyperscalers), as agents help evolve performance advertising strategy and cheaper models help increase LLM use cases,” analyst at Jefferies said.
Among rating changes, Jefferies raised price targets on CarGurus (NASDAQ:CARG) to $48 from $45, Carvana (NYSE:CVNA) to $225 from $210, and Reddit at $230 from $215, while lowering Lyft’s to $15. It also trimmed Opendoor’s target by 50 cents to $2.50.
Jefferies expects Uber’s mobility segment to beat estimates, with potential upside from share repurchases and Waymo partnerships. Reddit is seen benefiting from strong ad growth, while Carvana could gain from wider spreads between retail and wholesale vehicle prices.
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