Uber price target raised by $14 at JPMorgan, here’s why

JPMorgan raised the firm’s price target on Uber to $76 from $62 and keeps an Overweight rating on the shares. The analyst expects mobility and delivery demand to remain healthy in 2024 despite macro headwinds, and for supply tailwinds to further aid Uber’s growth and profitability. The firm believes S&P 500 Index inclusion will attract a healthier investor base over time, and notes the company’s $5.3B in estimated 2024 free cash flow “opens the door for capital returns.”