Ken Gawrelski, an analyst from Wells Fargo, maintained the Buy rating on Uber Technologies. The associated price target was raised to $120.00.
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Ken Gawrelski has given his Buy rating due to a combination of factors including Uber’s strong growth prospects and strategic focus on expanding its market presence. The company is expected to maintain high growth in mobility bookings, particularly in the second half of the year, which is crucial for its stock performance. Additionally, Uber’s expansion into lower-priced products and less dense markets is anticipated to drive stable mobility volume trends.
Furthermore, Gawrelski notes the potential for Uber to shift its strategic focus towards growth initiatives, which may result in decelerating incremental margins but support top-line growth. Despite some challenges, such as a slight deceleration in Uber Eats daily active user trends, the overall outlook remains positive. The revised price target of $120 reflects confidence in Uber’s ability to leverage its market position and achieve significant progress in the coming years.
Gawrelski covers the Communication Services sector, focusing on stocks such as Alphabet Class A, Match Group, and Roblox. According to TipRanks, Gawrelski has an average return of 15.5% and a 64.34% success rate on recommended stocks.
In another report released on June 27, Bernstein also maintained a Buy rating on the stock with a $95.00 price target.