Wall Street is buzzing with anticipation as Uber Technologies prepares to release its third-quarter earnings report. Analysts at KeyBanc Capital Markets, led by Justin Patterson, have upgraded Uber to Overweight from Sector Weight with a price target of $60. They have also raised their earnings and revenue estimates for 2024 and 2025. The analysts believe that the third-quarter results will be “largely in line.”

KeyBanc analysts have highlighted Uber’s strong position as a category leader and have identified several revenue opportunities for the company. They see potential growth in Uber’s emerging advertising business, particularly with the sector expansion of retail media. Additionally, the analysts believe that Uber can expand within its existing verticals by entering areas such as hailables, shared rides, and grocery delivery.

Oppenheimer analysts, led by Jason Helfstein, maintain an Outperform rating for Uber with a $65 price target. They view the recent stock decline as an attractive entry point and see a potential inclusion in the S&P 500 if Uber achieves trailing-12-months GAAP profitability. The analysts also note positive consumer tailwinds for the company.

Bernstein analyst Nikhil Devnani commented on the possibility of Uber’s inclusion in the index, noting that stocks tend to perform strongly leading up to S&P inclusion. Furthermore, Uber’s stock has already skyrocketed 88% this year.

Seaport analyst Aaron Kessler recently initiated coverage of Uber with a Buy rating and a $51 price target. He expects continued bookings momentum and solid Ebitda leverage for the company.

Overall, analysts are overwhelmingly bullish on Uber, with 96% rating it as a Buy, according to Factset.

Shares of Uber were up 1.6% in premarket trading.

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