Stifel starts ‘super app’ Uber with a Buy

As previously reported, Stifel initiated coverage of Uber (UBER) with a Buy rating and $110 price target The firm “increasingly” views Uber as “a super app with multiple reasons to utilize the product,” including getting from point A to point B, ordering dinner and having groceries delivered, with “some ads seen along the way,” the analyst tells investors. The firm, which thinks Uber will be able to meet or exceed the three-year financial targets outlined in February 2024, also believes Uber will ultimately be successful in Delivery. The firm views Uber’s low advertising penetration as an opportunity, the analyst added.