UBER - Uber's Optimism DoorDash's Challenges & More: Analyst Offers Insights On Mobility Stocks For 2024 | Benzinga
Wedbush analyst Scott Devitt provided the latest views on a few mobility stocks heading into 2024.
The analyst reaffirmed the rating on Uber Technologies Inc (NYSE: UBER) at Outperform with a price target of $67.
Devitt expects catalysts such as strong international penetration, vertical expansion across grocery/retail, and cross-selling opportunities, underpinned by Uber One (~15mm members, 27%+ of bookings), to drive growth.
The analyst expects UBER's advertising to exceed a $1 billion run rate by 2024 and estimates FCF of nearly $5 billion and EBITDA margin expansion of ~320bps Y/Y in 2024.
The analyst expects gross booking of $159.6 billion (vs. 0.4% below consensus) and revenue of $42.3 billion (0.9% below consensus) in FY24.
Also, the analyst reiterated a Neutral rating on DoorDash Inc (NASDAQ: DASH) and a price target of $92.
Devitt sees a long-term domestic opportunity for DASH thanks to durable market share leadership ...