DA Davidson analyst Tom White lowered the price target on Uber Inc. (NYSE: UBER) to $44.00 (from $46.00) after the company delivered a solid 2Q that was characterized by resilient (but decelerating) Gross Bookings growth in both Ridesharing and Eats.

The analyst stated "A first glance of the headline numbers seemed to imply a sizable topline growth slowdown in 2Q, but after adjusting for currency and a “one-time” cash ‘Driver Appreciation’ award that coincided with UBER’s IPO, Core Platform adjusted net revenue (“ANR”) growth accelerated to 22% in 2Q (vs. 14% in 1Q). Ex the Driver Appreciation award, ANR growth for both Ridesharing and particularly Eats accelerated in 2Q, boosted by moderating competition in U.S. Ridesharing and the new Eats service fees implemented in June. The pace of the 2Q topline pick-up may not result in a material boost to overall 2H consensus revenue estimates, but UBER deserves credit for delivering what they promised in terms of the topline acceleration". No change to the Neutral rating.