Uber Technologies (UBER) stock has rallied more than 53% year-to-date, and a top analyst from J.P. Morgan sees further upside in the ride-hailing and delivery company’s stock, noting its “strong profitable growth.” On Tuesday, J.P. Morgan analyst Doug Anmuth reiterated a Buy rating on UBER stock and raised the price target from $92 to $105, indicating an upside potential of more than 13% from current levels.
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Anmuth’s new price target is based on a valuation multiple of 21.0x 2026 free cash flow (FCF) estimate of about $9.8 billion.
J.P. Morgan Sees More Room to Run in UBER Stock
Following a meeting in Boston with Uber Technologies management, Anmuth noted that the team emphasized that the company is on track or ahead of its 3-year targets (through 2026) for mid-high teens Gross Bookings growth, a mid 30-40% EBITDA growth, and 90% conversion of EBITDA (earnings before interest, tax, depreciation, and amortization) to free cash flow.
The 5-star analyst noted that the company continues to deliver “strong profitable growth” in its core business, while investing in long-term growth opportunities. Anmuth expects the autonomous vehicle (AV) narrative for Uber to continue to improve, as the launch with Alphabet’s (GOOGL) Waymo in Austin achieves higher utilization and scope expands. He also projects similar early progress soon in Atlanta.
While there is still a long road ahead, Anmuth believes that Uber is becoming an increasingly valuable partner to AV tech providers as both a demand and utilization platform and a fleet operator, as indicated by multiple alliances that the company entered into recently. Interestingly, Uber CEO Dara Khosrowshahi calls AVs “the single greatest opportunity ahead for Uber.”
Meanwhile, Anmuth ranks 73 out of more than 9,550 analysts on TipRanks. He has a success rate of 62%, with an average return per rating of 20.4% over a one-year period.

What Is the Prediction for UBER Stock?
Overall, Wall Street is bullish on Uber Technologies’ prospects, with a Strong Buy consensus rating based on 27 Buys and four Holds. The average UBER stock price target of $97.42 implies about 5.4% upside potential.

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