Uber price target lowered to $92 from $98 at Citi

Citi lowered the firm’s price target on Uber (UBER) to $92 from $98 and keeps a Buy rating on the shares following the Q4 report. The firm believes Uber’s Mobility and Delivery demand is healthy with expanding driver supply and growing contribution from newer use cases and modalities. That said, autonomous vehicles remains the key debate and while it remains early days, Uber’s size, scale, and operational experience make it a likely core partner to AV networks over time, the analyst tells investors in a research note. Citi acknowledges the headline risk around autonomous vehicles and that core investments are likely to impact profitability short-term, but it believes Uber is well positioned to benefit and would take advantage of any dislocation in the shares post earnings.