UBER - Uber Outperforms Analyst Expectations - They Are Bullish On Its Strategic Gains and Market Position | Benzinga
Needham analyst Bernie McTernan maintained Uber Technologies Inc (NYSE:UBER) with a Buy and raised the price target from $71 to $90.
The re-rating reflected Uber’s better-than-expected fourth-quarter results and first-quarter guidance, pushing his adjusted EBITDA estimates for fiscal 2024 by +4% to $6.0 billion and fiscal 2026 by +2% to $10.4 billion. He expects an adjusted EBITDA of $8.03 billion in fiscal 2025.
While his estimates move higher for fiscal 2024, they are still below the mid to high $6 billion range bulls were at heading into earnings, which now likely requires an acceleration of incremental margins from first-quarter levels or bookings acceleration in fiscal 2024 to reach.
Elsewhere, the analyst is incrementally more bullish on UBER One, with the company leveraging technology to improve cross-platform utilization and should be rolling out new mobility-focused features soon.
KeyBanc analyst Justin Patterson had an Overweight rating with a price target of $79. The analyst noted that Uber’s fourth-quarter results showcased the company’s multiple levers for growth, which continues to ...