UPDATE: Uber Inc. (UBER) PT Lowered to $50 at Piper Sandler After Analyzing Cell Phone Data

Piper Sandler analyst Alexander Potter lowered the price target on Uber Inc. (NYSE: UBER) to $50.00 (from $55.00) while maintaining a Neutral rating after updating his company model to be based on anonymized location data from cell phones rather than vehicle-miles traveled (VMT).

The analyst believes that consensus implies a steep inflection in growth over the next year. Uber's best-ever result was revenue of $28.14 per thousand overall trips in the U.S. during 4Q19. Currently, consensus expects revenue of $30-$35 per thousand trips every quarter in 2022. Additionally, UBER's historical avg. EV/sales has fallen to 4.5x.

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