Analyst John Blackledge of TD Cowen maintained a Buy rating on Uber Technologies, boosting the price target to $114.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
John Blackledge has given his Buy rating due to a combination of factors including Uber’s strong third-quarter performance and positive future outlook. The company exceeded expectations in both Mobility and Delivery segments, with Mobility Gross Bookings reaching $49.7 billion, a 21% year-over-year increase, and Delivery Gross Bookings at $23.3 billion, up 25% year-over-year. This growth was driven by a significant increase in user numbers and trips per user, indicating a robust demand for Uber’s services.
Additionally, Uber’s strategic investments in new growth areas such as autonomous vehicles and grocery/retail within the Delivery segment are expected to further enhance its market position. The company’s guidance for the fourth quarter also suggests continued growth, with expected Gross Bookings and EBITDA aligning with or exceeding consensus estimates. These factors, combined with the company’s focus on affordability and expansion into less densely populated areas, support Blackledge’s optimistic outlook and Buy rating for Uber Technologies.
In another report released yesterday, Bank of America Securities also maintained a Buy rating on the stock with a $119.00 price target.
Based on the recent corporate insider activity of 103 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.