- The shares of Uber Technologies Inc (NYSE: UBER) have received a $55 price target from Stifel. These are the details.
The shares of Uber Technologies Inc (NYSE: UBER) have received a $55 price target from Stifel. And Stifel analyst Scott Devitt reduced the price target from $58 while maintaining a “Buy” rating on the shares.
Devitt noted that Uber reported third-quarter revenue, which exceeded his and Wall Street estimates along with the company’s first-ever adjusted EBITDA profitable quarter. And Devitt is adjusting his estimates in order to reflect the results and management commentary surrounding current booking trends and the company’s outlook for the fourth quarter — which led to the slightly lower price target.
Uber had reported its earnings earlier this month. The net loss was $2.4 billion, mostly due to a drop in its investment holdings — especially in Didi. But the company’s investments in Tomato and Joby helped offset some of that loss. During the same quarter a year ago, Uber posted a net loss of $1.09 billion.
Uber had posted an adjusted EBITDA profit of $8 million, up from an adjusted EBITDA loss of $507 million in the second quarter.
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