TD Cowen raised the firm’s price target on Uber to $80 from $67 and keeps an Outperform rating on the shares. The analyst estimates the company’s Q4 gross bookings near the high end of Uber’s $36.5B-$37.5B range. The firm expects solid Q4 results from Uber and views the stock’s valuation favorably. It sees continued strong Mobility growth driven by UberX growth and Mobility growth verticals like Reserve, Hailables, U4B and Shared Rides. In addition, Uber’s ramping advertising business should drive margins over time, says TD.
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