UBER - Why Uber Stock Motored Happily Higher Today
News of an analyst price target bump plus a modest expansion of one aspect of its business gave a little acceleration to Uber 's (NYSE: UBER) stock on Thursday. The rideshare operator's market price rode more than 2% higher on the day as a result, doubling and then some the rate of the S&P 500 index's 0.8% increase.
The price target raiser was Loop Capital's Rob Sanderson, who tweaked his level on Uber stock before market open. He now pegs its fair value at $42 per share, up slightly from his previous $40 estimation. This doesn't change his recommendation on the shares, which is still buy.
The motives behind the adjustment weren't immediately clear. What was apparent, though, is that Sanderson is one of a clutch of prognosticators currently bullish on Uber's looming future. Collectively, they believe that for both the company's current quarter and the entirety of this fiscal year, it will manage to substantially improve both its revenue and profitability.
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Why Uber Stock Motored Happily Higher Today