Wells Fargo analyst Ken Gawrelski lowered the firm’s price target on Uber (UBER) to $125 from $127 and keeps an Overweight rating on the shares. The firm believes Uber is set to report steady, healthy mobility and delivery volumes in Q3 and guide to more of the same in Q4. Wells sees volumes as key to forestalling investor concerns on AV competition and rides saturation, therefore remain constructive into Q3.
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