Uber Technologies, the Technology sector company, was revisited by a Wall Street analyst yesterday. Analyst Justin Post from Bank of America Securities reiterated a Buy rating on the stock and has a $115.00 price target.
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Justin Post has given his Buy rating due to a combination of factors including Uber’s strategic partnership with Baidu to integrate Apollo Go autonomous vehicles (AVs) into its platform. This collaboration is expected to enhance Uber’s service offerings in multiple global markets, particularly in Asia and the Middle East, with potential expansion into Europe. The partnership is seen as a significant step in expanding Uber’s AV capabilities, leveraging Baidu’s established presence and expertise in the AV space.
Furthermore, the rapid launch of Apollo Go AVs on Uber’s platform demonstrates a seamless integration of new AV supply, which could potentially reduce competitive risks and illustrate the value of Uber’s ride network for original equipment manufacturers. The anticipated details from upcoming earnings calls regarding additional AV partnerships and utilization metrics further bolster confidence in Uber’s growth prospects. Despite potential risks such as undisclosed economics and long-term pricing pressures, the strategic moves and partnerships position Uber favorably for future growth, supporting the Buy rating.
In another report released today, TD Cowen also maintained a Buy rating on the stock with a $104.00 price target.
UBER’s price has also changed moderately for the past six months – from $67.020 to $92.210, which is a 37.59% increase.