Uber price target raised to $85 from $76 at JMP Securities

JMP Securities raised the firm’s price target on Uber to $85 from $76 and keeps an Outperform rating on the shares. At Uber’s virtual Investor Update, the company introduced new three-year guidance that calls for bookings and EBITDA to compound at high-teens to 20% growth and high 30%-40% growth, respectively, while expecting to convert 90%+ of EBITDA to free cash flow, the analyst tells investors in a research note. With competition broadly remaining rational and Uber benefiting from its unique platform structure, this is clearly a high-quality business that is compounding growth, the firm argues.