Gordon Haskett downgrades Uber, says catalysts well appreciated

Gordon Haskett downgraded Uber Technologies to Hold from Buy with a $66 price target. Uber deserves to trade at a premium to peers, but its catalysts are now well appreciated and Street incremental EBITDA margin estimates are sitting well above the company’s long-term target, the analyst tells investors in a research note. The firm also sees risk of cities following New York City and Seattle in terms of establishing higher mandated wages for app-based delivery workers. As such, incremental multiple expansion “will be hard fought” for Uber, contends Gordon Haskett.