By Spencer Feingold

Uber’s stock closed down over 10 percent on Monday, the company's second day of trading following its dismal public debut last week.

The ride-hailing giant suffered one of the worst first-day performances with shares closing at a disappointing $41.57, down about 8 percent from the company’s initial public offering (IPO) price of $45 on the New York Stock Exchange.

Yet analysts say it is not all doom and gloom for Uber ($UBER).

“It was one of the worst debuts ever for a U.S. listing, however, Uber to me is not a tomorrow story,” Bob Iaccino, chief market strategist at Path Trading Partners, told Cheddar on Monday. “In terms of an IPO like Uber, the way it trades today, tomorrow, over this week, to me is not the story, especially with the backdrop of the trade wars.”

Uber’s rocky debut coincided with a volatile week with markets on edge following days of contentious trade talks between the U.S. and China. On Friday last week, President Trump raised tariffs on more than $200 billion worth of Chinese goods from 10 to 25 percent. The Chinese responded Monday morning, saying the country will raise tariffs on more than $60 billion of U.S. goods starting June 1.

“It was a perfect storm coming out of the gates,” Dan Ives, managing director of the financial firm Wedbush, told Cheddar.

Uber’s IPO valued that company at roughly $70 billion — a far cry from the $120 billion that the company was reportedly seeking when it first began preparing its IPO last year.

“We still think a $100 billion valuation will be in the cards, but it is not going to happen overnight,” Ives said.

Analysts stress that Uber’s global presence and diversified services will help the company thrive on its path to profitability. Uber cars are now available in over 700 cities in 60 countries, and the company recently launched Uber Eats, a food delivery platform, and Uber Freight, which creates an on-demand marketplace for shippers and carriers.

The company also established an internal Advanced Technologies Group in 2015 that focuses solely on developing autonomous vehicle technologies.

“Until we get to Star Trek-style transporting, things and people have to get to point A to point B, and to me, Uber globally is very well positioned to take advantage of that," Iaccino said.

For full interview click here.