Truist analyst Youssef Squali raised the firm’s price target on Uber (UBER) to $63 from $60 and keeps a Buy rating on the shares. The analyst states that while the firm has observed some slowdown in growth in Mobility in part due to Lyft‘s (LYFT) recent price adjustments, growth remains in excess of 20%. Uber is now optimizing for long-term engagement and profitability, and less for market share given its dominance, while the company’s Delivery business is also showing some acceleration despite macro headwinds, the firm tells investors in a research note.
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