Uber Inc. (UBER) PT Lowered to $65 at Stifel
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Stifel analyst Scott Devitt lowered the price target on Uber Inc. (NYSE: UBER) to $65.00 (from $67.00) while maintaining a Buy rating.
The analyst commented, "Uber reported 1Q results with total gross bookings improving +24% y/y, an improvement from last quarter and well ahead of consensus expectations. Mobility bookings were down -38% y/y in the quarter, an improvement from 4Q:20, though mobility upside was limited by industry wide driver shortages that the company hopes to alleviate through driver recruitment investments and incentives in 2Q. Delivery bookings y/y growth accelerated a significant +29ppts in the quarter to +157% y/y. Uber remains on track to emerge from the pandemic as a much improved business with ramping FCF generation ahead. As a result of our model changes and lowered near-term EBITDA estimates to reflect incremental investments in supply efforts, we lower our target price to $65 and maintain our Buy rating."
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