In a report released today, Ken Gawrelski from Wells Fargo maintained a Buy rating on Uber Technologies (UBER – Research Report), with a price target of $100.00.
Ken Gawrelski has given his Buy rating due to a combination of factors that highlight Uber Technologies’ strong growth potential and strategic positioning. The company is expected to maintain stable global mobility bookings, with a projected growth of 20% in the second quarter, which will slightly moderate in the subsequent quarters. This stability is attributed to Uber’s ability to absorb higher costs and the introduction of new products aimed at affordability, which are expected to enhance its market competitiveness.
Additionally, Uber’s delivery segment shows resilience with an 18% year-over-year growth in gross bookings, supported by the acceleration in grocery and retail services. The company’s strategic focus on premium products and advertising growth, coupled with cost efficiencies, is expected to offset any potential margin pressures. These factors, along with an increase in EBITDA estimates and a raised price target, underpin Gawrelski’s positive outlook and Buy rating for Uber Technologies.
In another report released today, TD Cowen also maintained a Buy rating on the stock with a $96.00 price target.