While concerns over the potential impact of robo taxis on its business model emerge, Uber Technologies (NYSE:UBER) is wading into European waters to tap into the rising tourism demand in the region. The ride-hailing giant is expanding its boat services across Europe, with plans to introduce a yacht service in Ibiza and launch a variety of water transport offerings in other European cities.
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According to Reuters, Uber’s service in Ibiza, called “Uber Yacht,” will open for pre-bookings on July 26. Moreover, the company is planning to introduce a “limo boat” offering in Italy’s Venice. In Greece, the firm is expanding its “Uber Boat” solution from Mykonos to Athens, Corfu, and Santorini. Uber had introduced “Uber Boat” in Mykonos last year.
Last month, Uber launched another solution, called “Ubber Bubbles,” in France. The solution, part of Uber’s “Go Anywhere” series of travel products, offers a champagne tour in France’s Champagne region.
Is Uber a Buy, Sell, or Hold?
Uber’s share price has rallied by nearly 65% over the past year, and analysts remain upbeat about the stock. Today, BTIG’s Jake Fuller reiterated a Buy rating on Uber alongside a $90 price target. Fuller views the company favorably owing to its acquisition of Delivery Hero’s Taiwan operations, partnership with Instacart, and expansion with Costco (NASDAQ:COST).
Overall, the Street has a Strong Buy consensus rating on Uber, and the average UBER price target of $87.93 points to a substantial 24.8% potential upside in the stock.
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