March 28, 2024

Truist Securities analysts have raised Uber Technologies’ (UBER) price target from $90 to $94, whilst affirming a Buy rating. The adjustment reflects growth in both the Mobility (Rides) and Delivery (Eats) sectors, as revealed by Truist Card Data – an indicator used by the analysts. This demonstrates that Uber is outperforming consensus estimates in these segments.

Subsequently, the forecasts for Q1 2024 have been upgraded. The analysts now project that Total Gross Bookings will reach $38.4 billion, Revenue $10.2 billion, and Adjusted EBITDA $1,333 million. These updated predictions are slightly higher than previous estimations and exceed consensus forecasts of $38.0 billion for Total Gross Bookings, $10.1 billion for Revenue, and $1,311 million for Adjusted EBITDA. Interestingly, these figures are in harmony with the elevated end of Uber’s own guidance.