BMO Capital lowered the firm’s price target on Uber (UBER) to $106 from $113 and keeps an Outperform rating on the shares. The firm is also removing its Top Pick designation on the name. The company’s Q3 results were “solid”, as “robust” Delivery gross bookings growth accelerated 900bps to 25% y/y, the fastest rate since Q4 of 2021, the analyst tells investors in a research note. Delivery benefited from Grocery & Retail, now approaching a $12B run-rate, and while the company remains focused on the AV opportunity, it appears to be gradually shifting away from its initial asset-light model, the firm added.
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