Uber price target raised to $90 from $79 at Wells Fargo

Wells Fargo raised the firm’s price target on Uber to $90 from $79 and keeps an Overweight rating on the shares. The firm comes away more confident in its expectations for free cash flow per share following the company’s investor presentation outlining its gross bookings and EBITDA outlook while announcing a $7B buyback, the analyst tells investors in a research note. Wells Fargo added that it sees room for multiple expansion for Uber given increased visibility in medium-term gross bookings growth.