Uber price target lowered to $75 from $78 at Wedbush

Wedbush lowered the firm’s price target on Uber (UBER) to $75 from $78 and keeps a Neutral rating on the shares. The firm believes investors are underestimating the rate of change for autonomous vehicle adoption and overestimating Uber’s position when it happens. While Uber’s management team has demonstrated a successful track record of execution across key initiatives to drive growth over the last several quarters, the lack of clear catalysts in the near-term and shifting perception of AV risk will curb further multiple expansion, in Wedbush’s view.