Justin Post, an analyst from Bank of America Securities, maintained the Buy rating on Uber Technologies. The associated price target remains the same with $115.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Justin Post has given his Buy rating due to a combination of factors, including Uber’s potential to enhance utilization for autonomous vehicle (AV) partners. With Uber’s reported driver utilization rates ranging from 50-70%, there is an expectation that AV partners could achieve even higher utilization rates when strategically deployed. This potential for increased efficiency makes Uber an attractive partner in the AV ecosystem.
Additionally, Uber’s prospects for expanding into new cities with Waymo, or alternatively, increasing AV supply in existing Waymo cities by 2026, further supports the Buy rating. These strategic opportunities, combined with the current stock price of $89.56 and a price objective of $115.00, suggest significant upside potential for investors. As a result, Justin Post maintains a positive outlook on Uber’s stock performance.
In another report released yesterday, Jefferies also reiterated a Buy rating on the stock with a $120.00 price target.
Based on the recent corporate insider activity of 89 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of UBER in relation to earlier this year.