Uber downgraded to Outperform from Buy at Daiwa

Daiwa downgraded Uber Technologies to Outperform from Buy with a price target of $51, up from $42. The analyst cites valuation for the downgrade following the stock’s recent strength but remains “constructive” on the name. The firm raised the price target to reflect higher bookings growth at Uber’s Mobility operations and increased profitability at Delivery. It believes Uber’s global scale and cross-platform synergies “make it best-positioned to capitalize on increasing penetration while navigating potential downturns and regulatory cost pressures.”