Keybanc analyst Justin Patterson maintained Uber Technologies Inc (NYSE:UBER) with an Overweight and raised the price target from $70 to $79.
For Uber, the analyst expects earnings and its virtual investor update to focus on mid-teens annual gross bookings volume (GBV) growth, modest margin improvements, and a capital allocation program geared toward buybacks.
Patterson expects fourth quarter GBV of $37.1 billion (in line with consensus) with EBITDA of $1.24 billion (slightly above consensus of $1.22 billion).
Also Read: Uber’s Upward Trajectory, Improved Margins and Ad Revenue To Continue – BofA Analyst Raises Forecast
The analyst noted that expense discipline is driving profitability upside.
Patterson expects first-quarter GBV guidance of $36.5 billion – $37.5 billion (vs. consensus of $36.5 billion) and EBITDA of $1.30 billion vs. consensus estimates of $1.25 billion.
The analyst raised the 2024 and 2025 EBITDA by ~1% each due to a slower ramp in operating ...