TD Cowen analyst John Blackledge maintained a Buy rating on Uber Technologies today and set a price target of $104.00.
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John Blackledge has given his Buy rating due to a combination of factors that highlight Uber Technologies’ strong growth potential and strategic positioning. The company’s reported growth in Gross Bookings (GBs) and EBITDA has been impressive, driven by the strength in both its Mobility and Delivery segments. This growth is supported by Uber’s expansion into new geographical areas and the introduction of new products, which are expected to continue bolstering its market presence.
Furthermore, Uber’s strategic partnerships in the autonomous vehicle (AV) sector have positively influenced investor sentiment. The launch of Waymo on Uber’s platform in key markets and multiple global AV partnerships are seen as significant steps towards maximizing the utilization of AV technology. Additionally, Uber’s focus on cost efficiencies and the expansion of its advertising business are expected to contribute to strong EBITDA growth in the coming years, making it an attractive investment opportunity.
Blackledge covers the Communication Services sector, focusing on stocks such as Netflix, Alphabet Class C, and Meta Platforms. According to TipRanks, Blackledge has an average return of 13.6% and a 59.88% success rate on recommended stocks.
In another report released on July 14, Needham also maintained a Buy rating on the stock with a $109.00 price target.