Crispr Therapeutics shares tumble after significant earnings miss
Investing.com - BofA Securities has reiterated its Buy rating and $115.00 price target on Uber Inc. (NYSE:UBER) ahead of the company’s upcoming earnings report on August 6. The target represents potential upside from the current price of $87.78, with the stock already showing impressive momentum through a 44% gain year-to-date.
The investment firm has raised its quarterly estimates for bookings, revenue, and EBITDA to $47.1 billion, $12.56 billion, and $2.12 billion respectively, all above consensus Street expectations of $46.4 billion, $12.48 billion, and $2.10 billion. According to InvestingPro, Uber maintains a GREAT Financial Health Score of 3.28, supporting these optimistic projections.
BofA’s bookings estimate sits near the top of Uber’s guidance range, representing 19% year-over-year growth excluding foreign exchange effects, which would mark a 1 percentage point acceleration compared to the first quarter.
The firm attributes its optimistic outlook to strong second-quarter spending data, foreign exchange benefits, improved online transit spending supporting stable growth for Uber Mobility, and likely acceleration in Delivery based on strong industry data.
BofA anticipates positive commentary on Waymo city launches and new autonomous vehicle partnerships during the earnings call, while expecting questions about competitive pressures from Tesla (NASDAQ:TSLA)’s ramp-up and Waymo’s standalone launches in new cities.
In other recent news, Uber Inc. has seen positive developments as Piper Sandler raised its stock price target to $103, maintaining an Overweight rating. The firm forecasts Uber’s second-quarter Gross Bookings at $46.5 billion and EBITDA at $2.1 billion, aligning with market expectations. Similarly, Bernstein increased Uber’s price target to $110, citing stable trends in its Mobility and Delivery segments and noting diminishing foreign exchange headwinds. Meanwhile, a partnership involving Uber, Lucid Group Inc . (NASDAQ:LCID), and Nuro is set to deploy 20,000 Lucid Gravity SUVs equipped with autonomous technology over the next six years. Morgan Stanley (NYSE:MS) maintained its Equalweight rating for Lucid, viewing the partnership positively. In other company news, Waymo, a part of Alphabet (NASDAQ:GOOGL), announced the expansion of its self-driving service in Austin, Texas, from 37 square miles to 90 square miles. This expansion aims to enhance Waymo’s competitive stance in the region.
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