Mizuho analyst James Lee kept a Buy rating on Uber Technologies Inc with a $72 price target (100 percent upside). Lee reiterated Uber as a top pick in the U.S.
Washington passed a new law that enabled gig drivers to remain as contractors while receiving benefits like injury protection and paid medical leave.
The law compromised the state legislature, unions, and ridesharing companies like Uber and Lyft Inc.
The structure is similar to Proposition 22 in California, and incremental costs are comparable.
He expects Uber to pass these costs to consumers.