Uber price target lowered to $84 from $85 at Wedbush

Wedbush lowered the firm’s price target on Uber (UBER) to $84 from $85 and keeps a Neutral rating on the shares. The firm notes Uber delivered healthy Q2 gross bookings growth, while Q3 guidance was in line with expectations. Uber expects Q3 gross bookings of $48.3B to $49.8B, ahead of the Street’s 16% ear-over-year estimate. Importantly, the outlook assumes a neutral to slightly positive currency impact and a 1ppt contribution from the Trendyol GO acquisition, Wedbush adds.