John Blackledge, an analyst from TD Cowen, maintained the Buy rating on Uber Technologies. The associated price target remains the same with $108.00.
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John Blackledge has given his Buy rating due to a combination of factors that suggest positive growth prospects for Uber Technologies. One key factor is the acceleration of US Mobility trip growth, which has been bolstered by a moderation in pricing growth. This trend is largely attributed to the deceleration of insurance cost growth, leading to improved user engagement and trip conversion rates. If this pricing growth remains stable, it could further enhance US trip growth, aligning it with the robust levels observed in Europe.
Additionally, Uber’s strategic positioning in the autonomous vehicle (AV) sector plays a significant role in the Buy rating. Uber is exploring various AV business models, including partnerships with AV providers and potential ownership models. The company is actively engaging with multiple AV partners globally, indicating a strong commitment to integrating AV technology into its operations. This strategic approach, combined with Uber’s existing partnerships and expansion plans, underscores a promising outlook for the company’s future growth and innovation.
According to TipRanks, Blackledge is a 5-star analyst with an average return of 13.7% and a 61.51% success rate. Blackledge covers the Communication Services sector, focusing on stocks such as Alphabet Class C, IAC/InteractiveCorp., and Match Group.
In another report released on August 11, Bank of America Securities also maintained a Buy rating on the stock with a $115.00 price target.