Truist raised the firm’s price target on Uber (UBER) to $110 from $96 and keeps a Buy rating on the shares. The company’s Q3 earnings beat and Q4 guide reflect healthy demand across Mobility and Delivery segments, with Uber executing well against its 3-yr outlook for gross bookings CAGR of mid-to-high teens, the analyst tells investors in a research note. With the massive autonomous vehicle opportunity ahead, Uber is leaning into investments, which are likely to cause the pace of margin expansion to slow down even as profits continue to climb, the firm added.
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