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(CNN Business) —  

Uber chose the worst time to go public. Will it be able to recover?

After pricing its initial public offering at $45 per share late Thursday, Uber debuted on the New York Stock Exchange on Friday and spent two days plummeting. It ended Monday more than 17% below its IPO price. It rose a little on Tuesday.

Not all is lost for Uber. Pierre Ferragu of New Street Research believes the company can grow its long-term profitability.

“Against appearances, individual usage growth is real,” he said, Uber reports average rides, but that metric hides growth in individual customers. Monthly usage also still had potential to grow, he said.

The stock’s steep sell-off, which put Uber (UBER) in the hall of fame of worst IPOs ever, wasn’t entirely the company’s fault.

Sure, Uber is being scrutinized by investors over its profitability and rivalry with Lyft (LYFT), which went public back in March. Lyft (LYFT) is down some 30% from its IPO price.

But Uber got no help from the stock market. Global financial markets have been thrown into turmoil by the escalating trade spat between the United States and China, which went into an unexpected tailspin last week and culminated in both countries raising tariffs on imports from the respective other.

As stocks sold off — the Dow and the S&P 500 recorded their worst one-day drops since January on Monday — Uber didn’t have anywhere to hide. But perhaps that just makes it a cheap opportunity now.

All isn’t lost for Uber. Pierre Ferragu at New Street Research believes the company can still grow its long-term profitability. Individual usage of the app is growing, he wrote in a research note. Monthly usage also still had potential to grow, he added.

Ferragu will talk about this with CNN correspondent Zain Asher on the “Markets Now” live show Wednesday at 12:45 pm ET.

“Markets Now” streams live from the New York Stock Exchange every Wednesday at 12:45 pm ET. Hosted by CNN’s business correspondents, the 15-minute program features incisive commentary from experts.

You can watch “Markets Now” at CNN.com/MarketsNow from your desk or on your phone or tablet. If you can’t catch the show live, check out highlights online and through the Markets Now newsletter, delivered to your inbox every afternoon.