Uber’s valuation likely capped near-term, says JMP Securities

Uber (UBER) reported strong Q4 results, with bookings that came in 2% above consensus and and near the high end of guidance, JMP Securities analyst Andrew Boone tells investors. While Uber is benefiting from greater adoption of Uber One, as members reached 30M, the call was focused on the threat from autonomous vehicles as Tesla (TSLA) announced its robotaxi service will launch this summer in Austin and Waymo (GOOGL) suggested rapid expansion in 2026, and the firm believes valuation is likely capped near-term as the AV overhang limits the appreciation of shares. JMP keeps a Market Perform rating on the shares as it awaits more clarity on Uber’s AV strategy and and AV competition before becoming more positive on shares.