Uber price target lowered to $87 from $91 at BofA

BofA analyst Justin Post lowered the firm’s price target on Uber (UBER) to $87 from $91 and keeps a Buy rating on the shares. While Lyft (LYFT) may have closed the bookings gap, and quarter “wasn’t as clean” as recent ones, BofA thinks Uber delivered “strong results headlined by very steady growth,” along with an outlook that suggests virtually no deceleration excluding foreign exchange. While forex headwinds will likely lower consensus booking estimates, the firm thinks margins will more than offset with higher profits and EPS, the analyst added.