Bernstein raised the firm’s price target on Uber (UBER) to $115 from $110 and keeps an Outperform rating on the shares. The firm was surprised to see Uber close down -5%, on a positive set of results. Organic volume growth, across both Mobility and Delivery, exceeded Bernstein’s expectations with an acceleration in trips. The stock seems to be reacting to margin commentary, where the company tempered expectations around incremental margins across both segments – but it’s not a step-change in messaging and Q4 Adjusted EBITDA guidance was right in-line with the firm’s model.
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