Uber price target raised to $71 from $63 at Needham

Needham raised the firm’s price target on Uber (UBER) to $71 from $63 and keeps a Buy rating on the shares. The firm’s Mobility Tracker suggests that the first half of January saw pricing for both Uber and Lyft (LYFT) staying at recent lows, which is likely demand-driven as the industry comes off peak seasonality, the analyst tells investors in a research note. The firm adds however that its higher target price assumes a higher target multiple given rising comp valuations.