Uber price target raised to $74 from $61 at Loop Capital

Loop Capital raised the firm’s price target on Uber to $74 from $61 and keeps a Buy rating on the shares. The stock has jumped after the announcement that it is being included in the S&P 500 index, and the firm is “revisiting” its thesis while updating its valuation framework, the analyst tells investors in a research note. Loop now assigns an 18.5-times expected EBITDA multiple, up from 15-times, given the management’s target profitability metrics and the current valuation of tech mega-caps, with the firm adding that its bull case continues to “show in results” and that both of Uber’s on-demand categories have “durable growth ahead”.