Uber price target raised to $53 from $46 at Wells Fargo

Wells Fargo analyst Brian Fitzgerald raised the firm’s price target on Uber to $53 from $46 and keeps an Overweight rating on the shares following quarterly results. The firm notes this is the 6th straight EBITDA beat with healthy platform economics, accelerating Mobility trip growth, and resilient Delivery demand. The model is scaling with Advertising and Uber One strengthening the platform advantage, Wells adds.