Ladenburg Thalmann analyst Jon Hickman upgraded HyreCar (HYRE) to Buy from Neutral with a price target of $16, up from $7.50 after the company announced a partnership with AmeriDrive Holdings and Cogent Bank that is projected to allow AmeriDrive the ability to place roughly 6,000 vehicles on the HyreCar platform through the end of 2021.

The stock closed Thursday up 29% to $9.41.

AmeriDrive has extensive experience with fleet management in the mobility market and has been a supplier of vehicles on the HyreCar platform for the last year or so, Hickman tells investors in a research note. He believes HyreCar now has a "more certain vehicle supply and an even stronger competitive position."

The company is "clearly an emerging leader" in the mobility-as-a-service market, says Hickman. He now anticipates HyreCar will be able to grow annually into 2022, with improving margins and the expectation for breakeven operational results mid- 2021.