Wells Fargo raised the firm’s price target on Uber to $59 from $53 and keeps an Overweight rating on the shares. The firm believes Uber increased self-insurance mix during Q1, creating a $550M free cash flow tailwind in 2023. Concurrently, Wells frames its view on capital returns, noting a 1.5-times gross leverage target would create capacity for $27B share repurchase from 2024 to 2026.
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