Grab’s risk-reward fairly balanced at current levels, HSBC downgrades to ‘hold’ with higher TP of US$5.50

HSBC Global Research analysts Piyush Choudhary and Rishabh Dhancholia have downgraded Grab Holdings from “buy” to “hold”, while raising their target price to US$5.50 ($7.36) from US$4.25 previously.

Grab’s on-demand monthly transacting user (MTU) growth has grown 19% y-o-y in 3QFY2024 ended September, driven by the company’s investment into various products to expand its total addressable market.