Analyst Ronald Josey from Citi maintained a Buy rating on Uber Technologies and keeping the price target at $115.00.
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Ronald Josey has given his Buy rating due to a combination of factors including Uber’s impressive third-quarter performance, which exceeded expectations in several key areas. The company reported Gross Bookings of $49.74 billion, marking a 21% year-over-year increase, which was about 2% above the consensus estimates. This growth was driven by strong performance in both the Delivery and Mobility segments, with Delivery Gross Bookings growing by 24% and Mobility by 19% year-over-year, both surpassing market expectations.
Additionally, Uber’s strategic focus on increasing recurring usage through initiatives like Uber One has been successful, as evidenced by the 22% year-over-year growth in Trips and a 17% increase in Monthly Active Platform Consumers. The company’s guidance for the fourth quarter also suggests continued positive momentum, with Gross Bookings expected to be above consensus and EBITDA projections aligning with market expectations. These factors collectively underscore Uber’s robust operational performance and growth potential, justifying the Buy rating.
In another report released today, William Blair also maintained a Buy rating on the stock with a $0.00 price target.
Based on the recent corporate insider activity of 103 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.