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Investing.com - Guggenheim initiated coverage on Uber Inc. (NYSE:UBER), now a $196.5 billion market cap company with a "GREAT" financial health rating according to InvestingPro, with a Buy rating and a price target of $140.00 on Wednesday.
The research firm cited Uber’s industry-leading network, technology, and brand equity as key factors supporting its bullish outlook. With revenue growing at 18.15% over the last twelve months, Guggenheim noted that Uber’s multi-platform network is more than three times larger than its nearest competitor in the gig economy space.
Autonomous vehicles (AVs) are expected to be a significant driver of investor sentiment, with Guggenheim projecting AVs will account for 20% of overall U.S. rideshare by 2035, with international markets following on a 5-10 year lag. The firm believes Uber’s industry-leading demand will benefit from increased AV supply.
Guggenheim also highlighted Uber’s "re-accelerating Delivery business" as overlooked by investors, pointing to sustainable double-digit growth potential with tailwinds from grocery and retail, subscriptions, and advertising.
The $140 price target represents a multiple of 24 times Guggenheim’s 2027 EV/OIBDA estimate, reflecting an approximately 80% premium to the S&P 500 but a 20% discount to competitor DoorDash.
In other recent news, Uber Technologies has acquired the Belgian startup Segments.ai to enhance its data-labeling unit. The founders and team of Segments.ai will join Uber’s data-labeling division, Uber AI Solutions, as part of this acquisition. Additionally, Mizuho initiated coverage on Uber with an Outperform rating and set a price target of $130, projecting a compound annual growth rate of 15% for revenue from 2025 to 2028. In another development, Uber Freight has appointed D’Andrae Larry as its new Chief Commercial Officer, leveraging his extensive industry experience to lead a restructured commercial organization. Furthermore, Uber has partnered with grocery chain Aldi to offer products through the Uber Eats platform, making Aldi the first retailer on Uber Eats to accept SNAP-EBT payments nationwide. Meanwhile, Wolfe Research raised its price target for DoorDash to $330, highlighting strong demand trends and user growth in its core restaurant business. These developments reflect significant strategic moves and partnerships for Uber and its associated platforms.
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