Uber for Business has collaborated with UATP to enable corporate travelers to benefit from UATP integration into Uber wallet.
Universal Air Travel Plan, Inc. or UATP is a global payment network privately owned by the world’s airlines and accepted by thousands of merchants for payment for travel and hotels.
Shares of Uber Technologies (UBER), the transportation networking company that offers ride-hailing, food and package delivery, and courier and freight transportation services, have gained 22% over the past year. (See Uber stock charts on TipRanks)
Per the terms of the strategic partnership, UATP will be integrated into Uber Wallet. Consequently, travelers will be able to make use of UATP accounts for Uber rides as well as place orders through Uber Eats.
Further, UATP customers will have access to Uber’s on-demand network and benefit from ride and meal information supplied on statements.
Uber will benefit from having an added source of global travelers for Uber usage, while UATP will gain from expanded network volumes.
Susan Anderson, Global Head at Uber for Business, commented, “For businesses around the world, the way work gets done looks different these days. Yet, the fundamental goals have remained the same – continue building great products, while uncovering new ways to not just fulfill customer demand, but delight customers and keep them happy.”
She further added, “We look forward to working with UATP to help provide a frictionless customer journey from the booking process all the way through to payment and reconciliation, while creating an intuitive way for companies to improve their operations.”
Needham analyst Bernie McTernan reiterated a Buy rating on Uber Technologies with a price target of $77 (73% upside potential).
McTernan forecast the company to report earnings of $0.61 per share for the third quarter of 2021.
Overall, the Street is bullish on the stock and has a Strong Buy consensus rating based on 23 Buys and 2 Holds. The average Uber price target of $68.75 implies upside potential of about 54.4% from current levels.
UBER scores a “Perfect 10” from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
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