UBER Stock Soars Despite Analysts’ Price Target Cuts after Q2 Earnings

Shares in ride-hailing giant Uber Technologies (UBER) jumped by 6% on Friday afternoon. This came as analysts rushed to slash their price targets on the stock, pointing to drag from Uber’s autonomous vehicle (AV) push. Uber reported mixed Q2 2026 earnings on Wednesday, August 5, with its third-quarter outlook falling short of expectations. However, most analysts kept their Buy rating on the stock.

Uber Stock Defies Price Target Cuts

Responding to the results, the following analysts kept their Buy ratings but trimmed their price targets as follows:

• Cantor Fitzgerald’s Deepak Mathivanan cut his price target from $98 to $90. This new target suggests about 20% upside.
• DA Davidson’s Tom White lowered his price target from $107 to $100. The new target still suggests about 34% upside.
• Bernstein’s Nikhil Devnani slashed his price target from $110 to $95. The new target implies about 27% upside.
• Susquehanna’s Shyam Patil trimmed his price target from $110 to $90.

For the quarter ended June 30, Uber’s revenue came in at $14.2 billion, up by 12% from a year ago. However, this slightly missed expectations of $14.24 billion. By contrast, the earnings per share of $0.81 matched estimates.

Uber Is ‘in Cruise Control, Just Needs an AV Driver’

Defending his rating, Mathivanan noted that the Q2 results overall showed “a strong quarter” and healthy finances. He noted that Uber’s gross bookings topped Wall Street estimates by 1%. The figure grew by 24% from a year ago to $58 billion.

However, the analyst said he expects UBER stock to remain under pressure until investors become more sure of how the AV game will play out. Notably, Uber has outlined plans to invest $10 billion to support its AV push over the next several years.

Mathivanan noted that Uber is “in cruise control, just needs an AV driver.” This suggests that the mobility company looks healthy and only needs to convince investors about its AV strategy.

“AVs are currently live on Uber in 7 cities with up to 15 expected live by year-end, the analyst noted. “Meanwhile, AV partners have committed about 120,000 vehicles to the Uber network over the coming years.”

Is Uber Stock a Good Buy Right Now?

Across Wall Street, Uber’s shares continue to enjoy a Strong Buy consensus rating from analysts. This is based on 28 Buys and three Holds assigned over the past three months.

In addition, the average UBER price target of $103.96 implies about 39% upside (see UBER stock forecast here).