Wells Fargo analyst Ken Gawrelski raised the firm’s price target on Uber (UBER) to $120 from $100 and keeps an Overweight rating on the shares. The firm expects positive consensus revisions primarily on FX as the company leans into bookings growth. Guidance on margin reinvestment would provide clarity, it adds. Further, Wells sees maintenance of high-teens FX-neutral mobility bookings growth in the second half of the year as key to stock performance.
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