To The Moon

BofA downgraded Grab Holdings to Underperform from Buy with an unchanged price target of $4.90.The shares are up 70% since September 1, which fully prices in Grab’s improving fundamentals, the analyst tells investors in a research note.The firm believes the stock’s risk/reward is now skewed to the downside as it sees a slower pace of margin uptake ahead. It sees risks for Grab from increasing competition in mobility.Grab shares sank 9.3% in morning trading.