Stock Track | Grab Holdings Plummets 6% as BofA Downgrades to Underperform on Valuation Concerns

Stock Track11-22

Grab Holdings (GRAB) stock plummeted 6% during the pre-market trading session on Friday, following a double downgrade by Bank of America (BofA) analysts from Buy to Underperform rating.

According to BofA, the downgrade was driven by valuation concerns after Grab's shares had rallied 70% since September 1, fully pricing in the company's improving fundamentals. The analysts maintained their $4.90 price target but warned that the stock's risk/reward is now skewed to the downside, citing a slower pace of margin uptake ahead and increasing competition in the mobility sector.

BofA's move comes despite Grab's efforts to diversify its business and improve profitability. The firm believes that while the company's initiatives are positive, the recent share price rally has outpaced the improvement in fundamentals, making the stock overvalued at current levels.

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