Uber price target raised to $106 from $96 at Cantor Fitzgerald

Cantor Fitzgerald raised the firm’s price target on Uber (UBER) to $106 from $96 and keeps an Overweight rating on the shares. The firm says that while autonomous vehicle developments from Tesla (TSLA), Waymo, and other third-party partners are the important near-term drivers of Uber’s share price performance, the company’s ability to sustain rides and bookings growth in the core mobility business will be a primary focus on the fundamentals side. Cantor believes Uber “has plenty of irons in the fire” to help sustain mobility rides growth. Tesla’s Robotaxi rollout in limited scope this past weekend makes Cantor increasingly confident that it is likely to take several years before autonomous vehicle volumes weigh noticeably on the rideshare industry.