In a report released yesterday, Ken Gawrelski from Wells Fargo maintained a Buy rating on Uber Technologies (UBER – Research Report), with a price target of $90.00.
Ken Gawrelski has given his Buy rating due to a combination of factors including Uber’s robust performance in gross bookings and its strong future outlook. The company reported a significant year-over-year increase in mobility gross bookings, showing no signs of deceleration when compared to the previous quarter. This suggests resilience in their core business despite potential market challenges, which is a positive indicator for potential investors.
While the EBITDA for the fourth quarter was slightly below expectations, the gross bookings were approximately 2% higher than anticipated, even with weaker foreign exchange impacts. Additionally, Uber’s guidance for the first quarter suggests strong performance, with gross bookings projected to grow substantially, and a stable outlook for delivery bookings. The company’s ability to maintain growth in challenging market conditions reinforces the Buy recommendation, reflecting confidence in Uber’s strategic direction and financial health.
In another report released today, TD Cowen also maintained a Buy rating on the stock with a $90.00 price target.
Based on the recent corporate insider activity of 93 insiders, corporate insider sentiment is neutral on the stock.
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