Uber price target lowered to $80 from $85 at Wedbush

Wedbush lowered the firm’s price target on Uber to $80 from $85 and keeps an Outperform rating on the shares following Q1 results. The firm notes Uber reported gross bookings of $37.7B, about 1% below Street expectations, while adjusted EBITDA of $1.4B exceeded estimates by about $69M. Gross bookings guidance was relatively in line with Wedbush’s estimate and slightly below consensus. The firm now expects Q2 adjusted EBITDA of $1.5B, 3% higher than its prior estimate.