Bernstein analyst Nikhil Devnani raised the firm’s price target on Uber to $50 from $45 and keeps an Outperform rating on the shares. The firm believes this “is a good business” with a scale/market share advantage, and can make the jump to being regarded as such. The company is delivering on its promises of improving profitability, capital discipline, and healthy growth. And it has the potential to be one of the most compelling free cash flow growth stories in Internet over the next 2-3 years, Bernstein adds. The firm reiterates the name as a top pick in a research note titled, “UBER: Your bull case has arrived.”
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