11:33 AM EST, 01/28/2025 (MT Newswires) -- Uber Technologies' ( UBER ) stock underperformed the broader market in 2024, ending the year down 2% on worries about the autonomous vehicle sector but the concerns are exaggerated, BofA Securities said in an earnings preview on Tuesday.

The company's Q4 results are scheduled for Feb. 5.

Positives for 2025 include a potential change in the autonomous vehicle narrative given long-term supply benefits, traction with Uber's ( UBER ) AV partnership strategy, and positive regulatory changes, BofA said.

BofA said that key risks include the launch of Tesla's (TSLA) Level 4 autonomous network, Waymo expanding into new markets without Uber ( UBER ), rising insurance costs testing customer demand elasticity, potential immigration policy changes affecting the labor market, and foreign exchange headwinds impacting growth.

The firm lowered its price objective on Uber's ( UBER ) stock to $93 from $96 and reiterated its buy rating.

Price: 69.07, Change: +0.30, Percent Change: +0.43