DA Davidson analyst Tom White reiterated a Buy rating on Uber Technologies, Inc (NYSE: UBER) with a price target of $64.
The analyst rerated over the past six weeks after comparing quoted trip prices and wait times for UBER vs. its primary U.S. rideshare competitor, Lyft, Inc (NASDAQ: LYFT). He also analyzed both companies' Sensor Tower mobile app and engagement data trends.
LYFT's quoted rideshare prices were generally lower than UBER's throughout August and September by ~3.5% based on White's weighted average analysis for trips in the top 20 largest U.S. cities.
After conducting similar weighted-average pricing analyses over the past six weeks, the analyst said that LYFT appears to have priced its rides more aggressively than UBER since the end of July.
Out of ...