Uber price target raised to $109 from $100 at Needham

Needham analyst Bernie McTernan raised the firm’s price target on Uber (UBER) to $109 from $100 and keeps a Buy rating on the shares. According to the firm’s mobility tracker, pricing is moving slightly higher q/q for Uber and Lyft (LYFT), and coupled with healthy demand data points, this gives the firm greater confidence in its Q2 estimates, the analyst tells investors in a research note. Tesla (TSLA) expanding their robotaxi footprint and Waymo potentially launching alone in Miami and DC could weigh on the multiple, but Uber’s ability to compound bookings over the near term is less of a debate, the firm added.