Analyst Jake Fuller from BTIG maintained a Buy rating on Uber Technologies (UBER – Research Report) and increased the price target to $100.00 from $90.00.
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Jake Fuller’s rating is based on several key factors that highlight Uber’s potential for growth. Firstly, Uber’s performance in terms of bookings and delivery has been strong, with delivery showing an upside that offsets any slight underperformance in mobility bookings. This indicates a robust growth trajectory, especially with rideshare and delivery services showing resilience in uncertain macroeconomic conditions. Additionally, the foreign exchange headwinds that previously impacted Uber have lessened significantly, improving the financial outlook for the company.
Moreover, the autonomous vehicle (AV) narrative is increasingly favorable for Uber, suggesting future growth opportunities as the company positions itself in a multi-platform future. The company’s financial metrics, such as high-teens growth in bookings and a solid incremental margin, further support the positive outlook. With a price target increase from $90 to $100, Fuller’s valuation reflects confidence in Uber’s strategic direction and its ability to capitalize on emerging market trends.
In another report released today, TD Cowen also maintained a Buy rating on the stock with a $96.00 price target.
Based on the recent corporate insider activity of 92 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.