- The shares of Uber Technologies Inc (NYSE: UBER) have received a $53 price target from Barclays. These are the details.
The shares of Uber Technologies Inc (NYSE: UBER) have received a $53 price target from Barclays. And Barclays analyst Ross Sandler increased the price target on Uber from $48 while maintaining an Overweight rating on the shares.
Sandler adjusted the rating while noting that it is time to revisit the long thesis on the Uber “full stop.” And Uber may be a major beneficiary of a recession with driver supply easing and “the implosion in private market funding markets as lots of tier-two competitors fall by the wayside.”
Plus Sandler cannot think of another name in his coverage that fits this profile as well. And Uber is close to an important inflection point around positive free cash flow and self-funding – which could cause some of the bearish sentiment to abate.
“One of the best times to generate positive returns in consumer internet tends to be when stocks go from the sentiment doghouse to less-bad and eventually to the positive camp – we think this may be one of those moments for Uber,” said Sandler in a research note.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.