BofA says Nvidia autonomous vehicle initiatives critical for Uber

BofA reiterated a Buy rating and $119 price target on Uber (UBER) stock. The firm continues to see Nvidia’s (NVDA) autonomous vehicle initiatives as “critical” for Uber as it helps accelerate the adoption of L4 technology. Uber has a better opportunity to both purchase and lease autonomous vehicles for its network and offer consumers opportunities to monetize their autonomous vehicle on Uber’s network, BofA told investors in a research note. Uber’s valuation is only two to three turns higher than last year’s low of around 12.5 times 2026 free cash flow, according to the firm. BofA added that it sees potential for multiple to expand to over 20 times free cash flow.