Uber Technologies (UBER – Research Report), the Technology sector company, was revisited by a Wall Street analyst yesterday. Analyst Justin Post from Bank of America Securities reiterated a Buy rating on the stock and has a $97.00 price target.
Confident Investing Starts Here:
- Quickly and easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter
Justin Post has given his Buy rating due to a combination of factors that highlight Uber’s strategic initiatives and growth potential. Uber has introduced several new features aimed at making commutes more affordable, such as the ‘Route Share’ option, which offers significant savings compared to standard rides. This initiative, along with the ‘Price Lock’ and ‘Ride Passes’, is expected to drive greater adoption of Uber for daily commutes, leveraging Uber’s leading scale in major cities.
Additionally, Uber’s expansion of its Uber One membership benefits, including new promotions and partnerships, has been successful in increasing subscriber penetration and order frequency. The partnership with OpenTable to integrate restaurant reservations into the Uber Eats app further diversifies Uber’s offerings and enhances its competitive position. Moreover, Uber’s ongoing advancements in autonomous vehicle technology, with plans for shared AV rides, demonstrate its commitment to innovation and long-term market expansion. These strategic moves are expected to drive growth, increase market share, and reduce customer churn, supporting the Buy rating.
In another report released yesterday, Evercore ISI also reiterated a Buy rating on the stock with a $115.00 price target.
Based on the recent corporate insider activity of 93 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.