Citi analyst Ronald Josey has reiterated their bullish stance on UBER stock, giving a Buy rating yesterday.
Ronald Josey has given his Buy rating due to a combination of factors, including Uber’s strategic partnership with Waymo in Austin. This collaboration marks a significant step towards expanding Uber’s autonomous vehicle (AV) capabilities, as it positions Uber as the sole distribution and fleet management partner for Waymo in the city. The success of this program is seen as a crucial milestone in enhancing Uber’s AV opportunities and partnerships.
Furthermore, Waymo’s impressive growth in paid trips, now exceeding 200,000 weekly across major cities like San Francisco, Los Angeles, and Phoenix, indicates a rising adoption of AV services. Although AV rides currently constitute a small portion of Uber’s total ride-share services, they represent a long-term strategic opportunity. Uber’s extensive user base and expertise in ride utilization further strengthen its position in the market, supporting the Buy rating and a target price of $92.
In another report released yesterday, Bank of America Securities also maintained a Buy rating on the stock with a $95.00 price target.
Based on the recent corporate insider activity of 88 insiders, corporate insider sentiment is neutral on the stock.