MoffettNathanson has more confidence in Uber growth algorithm after investor day

MoffettNathanson analyst Michael Morton says the firm walked away from today’s Uber investor day with “increased confidence in the growth algorithm” after the company provided several new disclosures on use cases, new products, user behavior, and geographies along with three-year guidance on gross bookings, adjusted EBITDA, and free cash flow that “highlights the strong operating leverage in the business.” The firm, which also notes that the company authorized a $7B share repurchase program, keeps a Buy rating on Uber shares.