MoffettNathanson ups Uber price target, says results better than price suggests

MoffettNathanson raised the firm’s price target on Uber (UBER) to $109 from $97 and keeps a Buy rating on the shares. Today’s results have “a lot of positives and few negatives,” but the firm thinks the price action is “largely a reflection of the shorts coming back to their favorite funding opportunity.” Looking beyond the trading dynamics, however, the firm views the results as “an overwhelmingly positive indicator of the strength of the underlying businesses.” Following the report, the firm raised its total gross bookings estimates by 3% for FY25 and adjusted EBITDA by 10%, the analyst noted.