Uber (UBER) Reiterated at Market Outperform by Citizens as Rider-Only Miles Grow

Citizens analyst Andrew Boone reiterated a Market Outperform rating and $100.00 price target on Uber Inc. (NYSE: UBER).

The analyst commented, "Waymo rider-only miles continue to grow, though momentum moderated in 1Q26 amid supply headwinds as Waymo transitions from its fifth generation (I-PACE) to sixth (Ojai) vehicles. This week, Waymo disclosed that cumulative, market-specific rider-only miles increased by 44.5M Q/Q (+14%; +134% Y/Y), representing a deceleration from 4Q25 (+40% Q/Q; +157% Y/Y). Explaining this, the Ojai began its first trips with public riders in May 2026 as we believe Waymo was increasingly supply constrained in 1Q26 as it ran out of Jaguar I-PACE inventory, transitioning to the Ojai. Waymo One markets continue to drive the majority of growth. San Francisco and Los Angeles contributed ~55% of 1Q26 miles combined, but this is down from 62% in 4Q25 as Atlanta is now being reported for the first time and contributed 11% of 1Q26 mileage. With new markets (Houston, San Antonio, Orlando) not yet reflected in Waymo's reported mileage, our metrics are likely understated while new markets dilute supply from existing (reported) markets while we continue to believe that Waymo is supply constrained."

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 $72.25 yesterday.

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