Truist Securities analyst Youssef Squali maintained Uber Technologies Inc (NYSE: UBER) with a Buy and lowered the price target from $60 to $58.
The re-rating reflected solid 3Q23 results and 4Q23 guide, showing strong momentum across Mobility and Delivery in 3Q and into October, driven by a healthy consumer, traction with new products, and improving operational efficiencies.
Adjusted EBITDA margins hit a record high with positive GAAP operating income (2nd consecutive quarter), putting Uber on a trajectory well above its FY24 target. Growth in Delivery and Mobility use cases with the success of Uber One are yielding higher order frequency and LTV, which should sustain demand top-line growth and substantial margin accretion through 2027.
The analyst projected Q4 revenue and EPS of $10.13 billion (prior $9.81 billion) and $0.12.
Needham analyst Bernie McTernan reiterated a Buy rating and increased the price target to $63 from $60.
The re-rating reflected better than expected 3Q results, showing bookings acceleration and a tone ...