BofA Securities analyst Justin Post reiterated a Buy rating and $64.00 price target on Uber Inc. (NYSE: UBER) after Lyft (NASDAQ: LYFT) reported results that were better than expected. The analyst sees 3 key takeaways for Uber:

1) Driver supply in 3Q increased 20% q/q and is going ahead with plans to taper driver supply investments in Q4,
2) Disciplined SG&A spend continues in the US rideshare industry, with Lyft emphasizing profitability which bodes well for UBER margin upside.
3) Positive Rides trends continue in October as Avg. Daily Rides have continued to grow despite rider concerns on COVID.

The analyst stated "we think Uber should benefit from similar profitability tailwinds as mobility rebounds and driver supply improves in 2022, demonstrating fixed cost leverage and improving take rates. We continue to see Uber as the top Internet stock in our coverage for improving labor supply conditions, and we maintain our Buy rating."

For an analyst ratings summary and ratings history on Uber Inc. click here. For more ratings news on Uber Inc. click here.

Shares of Uber Inc. closed at $42.89 yesterday.