Uber price target raised to $96 from $92 at Truist

Truist raised the firm’s price target on Uber (UBER) to $96 from $92 and keeps a Buy rating on the shares. The company’s Q2 results were stronger than expected and the Q3 guide reflect very healthy demand across Mobility & Delivery, with Uber executing well against its 3-yr guide for gross bookings’ CAGR of mid- to-high teens adjusted EBITDA CAGR of high 30% to 40%, the analyst tells investors in a research note. Truist adds that the outperformance was driven by further acceleration in Delivery gross bookings, while Mobility sustained a solid trend with trips growth accelerating in July.