John Blackledge, an analyst from TD Cowen, maintained the Buy rating on Uber Technologies (UBER – Research Report). The associated price target was raised to $96.00.
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John Blackledge has given his Buy rating due to a combination of factors including Uber’s strong performance in both its Mobility and Delivery segments. Despite slightly lower than expected Mobility Gross Bookings, the Delivery segment outperformed expectations, driven by a significant increase in merchant growth and the contribution from Grocery & Retail. The company’s revenue and EBITDA figures were also in line or ahead of consensus estimates, indicating strong operational efficiency and margin improvements.
Additionally, Uber’s guidance for the second quarter shows promising growth in Gross Bookings and EBITDA, surpassing previous estimates. The expansion of Uber’s autonomous vehicle operations, particularly in Austin, further supports the company’s growth trajectory. These factors, combined with a positive outlook on insurance cost moderation and strong audience growth, underpin Blackledge’s decision to maintain a Buy rating and increase the price target to $96.
In another report released today, Roth MKM also reiterated a Buy rating on the stock with a $93.00 price target.