UBER - Uber likely to report 'relatively bullish' Q4 guidance Wedbush says

Uber Technologies ( NYSE: UBER ) is slated to report fourth-quarter results on February 8 and the expectation is for a "relatively bullish" report and guidance, investment firm Wedbush Securities said on Monday.

Analyst Dan Ives, who has an outperform rating and $38 per-share price target on Uber ( UBER ), noted that the company should slightly top Wall Street estimates for both bookings and EBITD, as ridesharing activity looked to have accelerate in December.

Ives also noted that Uber ( UBER ) is still seeing strong trends as driver supply has bounced back and activity looks "very strong and balanced."

"Overall we believe this quarter and 2023 guidance will be another major step in the right direction for the Uber story," Ives wrote in a note to clients. "While the stock has seen ebbs and flows over the past few years we are now starting to see an inflection in the Uber name with a profitable ride-sharing stalwart now hitting its next gear of growth into 2023."

A consensus of analysts estimate Uber ( UBER ) lost an adjusted 16 cents per share on $8.5B in revenue during the period.

Delving deeper, Ives noted that Uber's ( UBER ) delivery activity could be lighter-than-expected as more consumers are returning to the office and spending much of their discretionary income on traveling, but mobility was likely the "star of the show."

"After a transitional year of growth and cost cutting we are seeing a leaner Uber finally hitting the inflection of growth and EBITDA levels the Street had only dreamed of a few years ago," Ives added.

Last month, Uber ( UBER ) and Lyft ( LYFT ) scored a key regulatory win as a New York court blocked a potential rate hike from New York City's Taxi and Limousine Commission .

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