Analyst John Blackledge from TD Cowen maintained a Buy rating on Uber Technologies and keeping the price target at $108.00.
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John Blackledge has given his Buy rating due to a combination of factors including strong growth in Uber’s gross bookings and margins. The company is expected to see a 19.4% year-over-year increase in gross bookings for the third quarter, driven by momentum in both its Mobility and Delivery segments. Additionally, Uber’s EBITDA is projected to grow by 32.6% year-over-year, supported by revenue growth and an expanding advertising business.
Furthermore, Blackledge anticipates continued strong performance in the Mobility and Delivery segments, with the potential for further share price upside. This is attributed to the expansion into new geographical areas, growth in existing markets, and the introduction of new products such as Uber for Business and Shuttle. The growth in Uber One and the advertising business, along with cost efficiencies and moderated insurance costs, also contribute to the positive outlook. Moreover, partnerships in autonomous vehicles are expected to enhance Uber’s Mobility marketplace utilization.
In another report released on October 6, Bernstein also maintained a Buy rating on the stock with a $110.00 price target.
Based on the recent corporate insider activity of 99 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of UBER in relation to earlier this year.