Barclays ups Uber target to $57, sees path to $70 in 2025

Barclays analyst Trevor Young raised the firm’s price target on Uber to $57 from $45 and keeps an Overweight rating on the shares. The analyst also sees a long-term path to $70 per share based on 15-times $10B in EBITDA. The $10B figure is still a few years out, but based on consistent growth and margin, should be achieved in 2026, which would mean UBer shares could reach the $70 level some time in 2025, the analyst tells investors in a research note. Given that Uber is “running well ahead” of its 2024 goals, the firm expects an update to the long term forecast early next year. Barclays says the company’s Rides business should be able to compound in the 15% range, with half its incremental growth coming from base UberX business and the other half from new products and geographies. In addition, Uber is leveraging its strong position with Mobility and its new subscription offering to differentiate from peers in Delivery, contends the firm.