John Blackledge, an analyst from TD Cowen, maintained the Buy rating on Uber Technologies. The associated price target was raised to $108.00.
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John Blackledge has given his Buy rating due to a combination of factors including Uber’s strong performance in both its Delivery and Mobility segments. The company reported impressive year-over-year growth in gross bookings and revenue, with Mobility gross bookings reaching $23.8 billion and Delivery gross bookings at $21.7 billion. This growth was driven by an increase in user numbers and trips per monthly active platform consumer, indicating a robust demand for Uber’s services.
Furthermore, management’s guidance for the third quarter suggests continued positive momentum, with expectations of stable trip growth and improved affordability in the U.S. market. The announcement of a $20 billion share repurchase program also signals confidence in the company’s future prospects. Additionally, the expansion of Uber One membership and cross-platform opportunities highlight potential areas for further growth, supporting the Buy rating.
In another report released today, Evercore ISI also reiterated a Buy rating on the stock with a $150.00 price target.