Brian Pitz, an analyst from BMO Capital, reiterated the Buy rating on Uber Technologies (UBER – Research Report). The associated price target remains the same with $101.00.
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Brian Pitz has given his Buy rating due to a combination of factors that highlight Uber Technologies’ strong positioning and growth potential. Firstly, Uber’s international expansion, exemplified by its acquisition of Denmark’s largest taxi company, Dantaxi, is expected to enhance its market presence and improve service adoption in the region. This strategic move is likely to drive increased ride requests through the Uber app, benefiting from improved match rates and estimated times of arrival.
Additionally, Brian Pitz points out the positive trends in autonomous vehicle (AV) adoption, particularly in Austin, where Uber is well-positioned despite the launch of Tesla’s Robotaxi service. Uber’s partnerships with multiple AV companies and plans to scale AV operations further bolster its competitive edge. Moreover, the current valuation of Uber’s shares, trading below the two-year forward average, presents an attractive investment opportunity. These factors collectively support the Buy rating, emphasizing Uber’s potential for sustained growth and innovation in the mobility sector.
In another report released on May 27, Bank of America Securities also reiterated a Buy rating on the stock with a $97.00 price target.