10 Firms Defy Wednesday’s Broader Market Optimism

3. Grab Holdings Ltd. (NASDAQ:GRAB)

Grab Holdings’ shares tumbled 10.76 percent to end at $4.56 apiece on Wednesday as investors resorted to profit-taking following gains in the previous trading, while also reacting to a recent downgrade in the company’s rating outlook.

On Wednesday, analysts from JP Morgan downgraded Grab Holdings to “neutral” from “overweight” but maintained a price target of $5.6 apiece.

According to JP Morgan, now suggests a good time for investors to book profits. However, they warned that conservative fiscal year 2025 guidance could temper bullish expectations in the near term.

Recently, reports surged that Grab was taking over one of its competitors, GoTo, for a potential takeover of the latter for $7 billion.

A new round of merger talks was said to have occurred in December 2024, with the two parties eager to officially strike a deal this year.

A report by Reuters citing sources privy to the matter said that an agreement could still be axed as previous negotiations all fell through.