Uber: Wedbush remains positive, reduces TP

(CercleFinance.com) - Wedbush confirms its 'outperform' rating on Uber Technologies shares, with a target price cut from $85 to $80, the day after quarterly results prompted the broker to update its model for the mobility and delivery services platform.


It thus raises its adjusted EBITDA estimates for Q2 and FY 2024 by 3%, to $1.5bn and $6.3bn respectively, judging Uber to be on the right pace to achieve its three-year targets.

The underlying business remains strong, and we would buy opportunistically on any near-term pullback in the share price, it says, while acknowledging a relative lack of near-term catalysts compared to earlier this year.


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