William Blair analyst Ralph Schackart has maintained their bullish stance on UBER stock, giving a Buy rating today.
Ralph Schackart has given his Buy rating due to a combination of factors including Uber’s strong engagement trends and impressive retention rates, which remain at all-time highs. Despite a slight miss in gross bookings and revenue expectations, the company’s quarterly adjusted EBITDA showed a significant year-over-year increase of 35%, surpassing Street expectations. This demonstrates Uber’s ability to scale its profitability.
Additionally, the company’s guidance for the second quarter indicates a positive outlook, with expectations set modestly above Street forecasts. Uber’s progress in its autonomous vehicle strategy is highlighted as a major opportunity, suggesting potential future growth. While the stock experienced a slight dip due to top-line misses, the overall financial health and strategic advancements position Uber favorably in the market.
In another report released today, Needham also maintained a Buy rating on the stock with a $90.00 price target.