Uber Inc. (UBER) PT Lowered to $55 at Stifel
Stifel analyst Scott Devitt lowered the price target on Uber Inc. (NYSE: UBER) to $55.00 (from $58.00) while maintaining a Buy rating.
The analyst commented, "Uber reported 3Q results with top-line revenue exceeding both our and Street estimates by approximately +8% and +10%, respectively. Gross Bookings of $23.1B (+57% y/y, +53% ex-FX) was in line with our estimate but was slightly below the Street's $23.3B estimate. 3Q adj. EBITDA of $8mm (+0.2% margin) marked Uber's first-ever adj. EBITDA profitable quarter, and was ahead of our and the Street's $4mm and -$20mm estimates, respectively. Strength in the quarter was led by strong demand for Uber's Mobility and Delivery products even as the company faced some initial impact from the Delta variant. The company is making solid progress on improving supply acquisition, which may allow continued easing of price increases coupled with higher volumes as booking trends continue to improve into 4Q. We remain Buy rated on UBER shares but lower our PT to $55."