Uber Inc. (UBER) PT Lowered to $105 at KeyBanc

KeyBanc analyst Justin Patterson lowered the price target on Uber Inc. (NYSE: UBER) to $105.00 (from $110.00) while maintaining an Overweight rating.

The analyst commented: "Rideshare stable while delivery adoption is growing. Overall rideshare usage increased 2 points y/y to 83%, but those who use Uber the most for ridesharing declined 4 points y/y to 64%. Despite this, Uber maintains a significant share advantage of being the primary service relative to Lyft (31% most used). UberEats adoption continued to grow, with food delivery usage hitting 41% (+11 points y/y) and grocery delivery hitting 22% (+3 points y/y). We raise bookings by ~1.5% each year to reflect progress in Delivery, and adjusted our EBITDA forecast to reflect investment levels (2026E increased by 2%, while 2027E decreased by 2%). We also introduce non-GAAP operating income and non-GAAP EPS, the latter of which Uber will begin including in its guidance. Finally, we lower our PT slightly to $105 (from $110) to reflect a more conservative multiple amid AV uncertainty (15.5x 2027E EV/EBITDA)."

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