Here’s what Wall Street experts are saying about Uber ahead of earnings

Uber (UBER) is scheduled to report results for its third fiscal quarter before the market opens on Tuesday, November 64, with a conference call scheduled for 8:00 am ET. What to watch for:

EXPECTATIONS: Last quarter, Uber reported Q2 EPS of 63c and Q2 revenue of $12.7B, both better than the expected 62c and $12.47B, respectively. “Our platform strategy is working, with record audience, frequency, and profitability across Mobility and Delivery,” said Dara Khosrowshahi, CEO. “But we’re still only beginning to unlock the platform’s full potential, now with 20 autonomous partners around the world.” For Q3, the company said its saw gross bookings of $48.25B-$49.75B, up 17%-21% year-over-year, and Q3 adjusted EBITDA up of 30%-36% year-over-year to $2.19B-$2.29B.

Current consensus EPS and revenue forecasts for Uber’s Q3 stand at 69c and $13.26B, respectively, according to data from Yahoo Finance.

INDUSTRY-LEADING NETWORK: Last month, Guggenheim analyst Taylor Manley initiated coverage of Uber with a Buy rating and $140 price target. The firm is positive on the company’s “industry-leading” network, technology, and brand equity, the analyst tells investors in a research note. The autonomous vehicle – AV – adoption debate will remain a key driver of sentiment, with bulls highlighting market expansion potential and bears arguing for disintermediation risk, though the firm notes that both will prove true, Guggenheim added. Uber’s re-accelerating Delivery business is also relatively overlooked by investors and poised for sustainable double-digit growth, the firm added.

RESILIENT DEMAND: UBS raised the firm’s price target on Uber to $124 from $117 and kept a Buy rating on the shares. Food delivery demand remains resilient post-COVID, with convenience driving stronger-than-expected stickiness and medium-term growth, the firm told investors in a research note. Competitive intensity may rise as Deliveroo (DROOF) gains backing and Amazon (AMZN) expands same-day grocery delivery, while slower robotaxi adoption gives Uber and Lyft (LYFT) more room to grow profits near-term, UBS added.

REASONABLE RESULTS: Stifel raised the firm’s price target on Buy-rated Uber to $124 from $116 as part of a broader research note previewing Q3 results in e-commerce. The firm is citing some headlines intra-quarter related to autonomous cars pressuring the stock down a bit, but Q3 results “look reasonable.”

DRIVERLESS RIDES: Uber plans to launch driverless rides in the San Francisco Bay Area next year using Lucid (LCID) Gravity SUVs equipped with Nuro’s self-driving technology, putting it in direct competition with Waymo’s (GOOGL) robotaxi service, Bloomberg’s Natalie Lung reports. Testing is already underway, and the move marks a major step in Uber’s push to expand its autonomous vehicle offerings.

SENTIMENT: Click here to check out the recent Media Buzz Sentiment on Uber as measured by TipRanks.