UBER - Why Uber's Stock Price Accelerated on Monday
Many stocks were stuck in the slow lane or even moving in reverse on Monday. Happily, for Uber Technologies (NYSE: UBER) shareholders, their company was motoring ahead nicely. Its stock ended up cruising to a nearly 3% gain on the day, thanks to a positive new research note from an analyst.
The prognosticator in question was Needham & Company's Bernie McTernan. In reiterating his buy recommendation on Uber stock at a $54 per share price target, McTernan opined that the company is outperforming in the current economy, delivering low wait times for customers and reaping the benefits of strong demand and raised prices.
McTernan's estimates are above the average analyst projections for both bookings and total revenue for the first quarter of this year. That being said, though, he anticipates that the former metric will be essentially flat on a quarter-over-quarter basis, not only for Uber but also for its rideshare sector arch-rival Lyft .
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Why Uber's Stock Price Accelerated on Monday