Wells Fargo is updating its outlook on Uber (UBER), reportedly forecasting an explosive share worth for the $173 billion ride-hailing firm.
In a brand new observe to shoppers, Wells Fargo’s Ken Gawrelski and different analysts elevate Uber’s worth goal to $100 from $90 and reiterate an obese ranking, experiences Barron’s.
The analysts additionally say Uber’s share worth might rise to as excessive as $126, a greater than 52% improve from the inventory’s $82.81 shut on Friday, as competitors is more likely to drive firm efficiencies.
“We consider the inventory is more likely to outperform as wholesome basic traits drive upward estimate revisions.”
The replace comes after Uber’s reported earnings for the primary quarter topped analysts’ estimates with earnings per share of $0.83, hovering above the $0.51 consensus forecast. The corporate additionally printed $11.5 billion in income in Q1, a 14% development on a year-over-year foundation.
Nevertheless, the corporate fell in need of the anticipated income of $11.6 billion within the first quarter of the yr.
One spotlight reported was that customers booked greater than three billion “journeys,” up 18% from the primary quarter of 2024.
The Wells Fargo staff notes that top-line traits stay robust for each Uber’s mobility and supply segments. In addition they say that Uber’s deployment of autonomous automobiles within the close to time period ought to appeal to extra investor curiosity.
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