KeyBanc analyst Justin Patterson lowered the price target on Uber Inc. (NYSE: UBER) to $80.00 (from $90.00) while maintaining a Overweight rating.

The analyst commented, "Uber's 2Q results reinforced the Company is: 1) not facing headwinds from the macro or autonomous; and 2) has levers to grow gross bookings (GB) and profitability during a downturn. Even with FX becoming an incremental headwind, our 2024E/2025E/2026E EBITDA still increase by ~1% each year. Overall, we remain encouraged on >16% annual GB and $8B+ in FCF by 2026E. We reiterate our Overweight rating but lower our PT to $80 (~20x 2025E EV/EBITDA) to reflect a more conservative multiple."