Uber price target raised to $110 from $95 at Bernstein

Bernstein raised the firm’s price target on Uber (UBER) to $110 from $95 and keeps an Outperform rating on the shares. As the firm noted after the Q1 print, continued stability in Mobility and Delivery trends at Uber would be largely positive. Q2 data points are supportive, travel may have bottomed, and FX is less of a headwind looking forward. Considering the reinvestment mandate, Bernstein sees more upside to out-year estimates, as these efforts bolster GB growth. From here, upside likely lies more in Uber’s ability to compound free cash flow than the multiple, though there remains a wide gap to DoorDash (DASH) – concrete data points around AV fragmentation are likely needed to drive multiple upside, the firm adds. Bernstein doesn’t expect much to change on the AV front this quarter.