Jefferies analyst John Colantuoni maintained a Buy rating on Uber Technologies (UBER – Research Report) today and set a price target of $100.00.
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 Colantuoni’s rating is based on Uber’s strategic focus on expanding into underpenetrated markets, which is expected to drive significant growth. The company aims to increase its presence in smaller markets where rideshare and delivery services are less available, potentially contributing around 4% to annual growth through 2030. This expansion is supported by Uber’s efforts to enhance driver supply and leverage new technologies, such as autonomous vehicles, to improve service availability.
Additionally, Uber’s initiatives to broaden its demographic reach and introduce new products are expected to further bolster its market position. The company’s strategic investments in driver incentives and marketplace technology, along with its acquisition of alternative supply forms like taxis, are seen as key growth levers. Despite potential near-term risks from competitors like Tesla, the analysis suggests that Uber’s growth prospects remain strong, justifying the Buy rating with a price target of $100.
In another report released on June 2, Citi also reiterated a Buy rating on the stock with a $102.00 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.