Uber CEO Dara Khosrowshahi speaks at a product launch event in San Francisco, California on September 26, 2019.Philip Pacheco | AFP via Getty Images

Uber's expansion outside of ridesharing is poised to make the company's offerings an attractive subscription bundle that will send the stock higher, according to investment firm Needham.

Needham analyst Bernie McTernan initiated coverage of Uber on Monday night with a buy rating, saying that the company's push further into the delivery space during the pandemic would continue to pay off in a post-vaccine world.

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