Uber price target raised to $64 from $59 at Wells Fargo

Wells Fargo analyst Ken Gawrelski raised the firm’s price target on Uber to $64 from $59 and keeps an Overweight rating on the shares following quarterly results. While the firm detects some investor trepidation on Q3 marketing spend, it views accelerating volume and robust 4Q EBITDA guide enough to offset. Wells recommends investors buy into impressive first half of 2024 catalyst path, with likely S&P 500 inclusion plus Q4 EPS capital return framework.