Uber (UBER) Stock: $68 Price Target And Buy Rating

By Amit Chowdhry ● May 4, 2022
  • The shares of Uber Technologies Inc (NYSE: UBER) have received a $68 price target from Needham & Company. These are the details.

The shares of Uber Technologies Inc (NYSE: UBER) have received a $68 price target from Needham & Company. And Needham & Company analyst Bernie McTernan reiterated a “Buy” rating on the shares.

McTernan adjusted the rating after seeing better than expected Q1 2022 results and guidance ahead of consensus. Uber reported first-quarter revenue of $6.85 billion, which beat the consensus projection of $6.13 billion. And Uber reported a loss per share of $3.04, compared to the loss per share of $0.06 in the year-ago period.

The gross bookings generated $26.45 billion in the period, which was above a consensus of $25.81 billion. And the delivery bookings generated $13.9 billion, which is up 12% year-over-year and also above the consensus of $13.73 billion.

The company reported $10.72 billion in mobility bookings, which was up 58% year-over-year and beat the analyst consensus of $10.49 billion. The number of monthly active platform consumers totaled 115 million, which was up 17% year-over-year and below the analyst expectations of 116.6 million.

Uber is expecting Q2 adjusted EBITDA in the range of $240 million to $270 million, compared to a consensus of $247.9 million. And the gross bookings are expected to be between $28.5 billion and $29.5 billion in the quarter while analysts were expecting $28.61 billion.

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