Uber’s Price Target Raised at Truist Securities

Uber’s Price Target Raised at Truist Securities March 27, 2024, 10:53 a.m., readers: 2

Truist Securities analysts increased their price target for Uber Technologies (NYSE:UBER) to $94 from $90 and continued with a Buy rating. The analysts’ evaluation, based on Truist Card Data which acts as an indicator for growth in both Uber's Mobility (Rides) and Delivery (Eats) Gross Bookings, suggests that Uber is surpassing consensus expectations in these segments. Consequently, the analysts revised the forecasts for the first quarter of 2024, now expecting Total Gross Bookings, Revenue, and Adjusted EBITDA to be $38.4 billion, $10.2 billion, and $1,333 million, respectively. These figures are a slight increase from previous predictions and are above consensus estimates of $38.0 billion in Total Gross Bookings, $10.1 billion in Revenue, and $1,311 million in Adjusted EBITDA. They also align with the upper range of Uber's own guidance.

About NYSE: UBER

U ber Technologies, Inc. develops and operates proprietary technology applications in the United States, Canada, Latin America, Europe, the Middle East, Africa, and the Asia Pacific. It connects consumers with independent providers of ride services for ridesharing services; and connects riders and other consumers with restaurants, grocers, and other stores with delivery service providers for meal preparation, grocery, and other delivery services.

Price: 74.13
Market cap: 154.3 billion USD
Eps: 0.87
P/e ratio: 85.21
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