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Investing.com - TD Cowen has reiterated its Buy rating on Uber Inc. (NYSE:UBER), currently trading at $90.09 with a market cap of $188.37B, with a price target of $104.00. The company maintains a "GREAT" financial health score according to InvestingPro analysis, citing expectations for continued growth and margin expansion.
The firm projects Uber’s second-quarter gross bookings will reach $46.0 billion, representing 15.0% year-over-year growth, which falls approximately 1% below consensus estimates but remains within management’s guidance range.
TD Cowen attributes the anticipated growth to ongoing strength in both Uber’s Mobility and Delivery segments, which continue to be core drivers for the company’s business performance.
For second-quarter EBITDA, the firm forecasts 32.7% year-over-year growth, exceeding the midpoint of management’s guidance, supported by revenue growth, cost efficiencies, and the company’s expanding advertising business.
TD Cowen also highlighted Uber’s autonomous vehicle partnership strategy and strong fundamentals as factors that should drive further multiple expansion for the stock.
In other recent news, Uber Technologies, Inc. has expanded its SNAP EBT payment program to include Wegmans, Gopuff, and Family Dollar, allowing eligible customers to use their benefits for grocery purchases through its app. This initiative aims to address food accessibility barriers by offering delivery options from over 40 retailers, with incentives like zero delivery fees on initial orders. Additionally, Uber announced a strategic partnership with Baidu (NASDAQ:BIDU) to deploy autonomous vehicles in international markets, starting with Asia and the Middle East. This collaboration will integrate Baidu’s Apollo Go self-driving vehicles into Uber’s platform, enhancing ride-sharing options.
In terms of analyst activity, Citizens JMP reiterated a Market Perform rating on Uber, emphasizing the company’s hybrid approach to autonomous vehicles. Meanwhile, Needham raised its price target for Uber to $109, citing pricing strength and competitive dynamics in the ride-sharing market. Evercore ISI maintained an Outperform rating with a $115 price target, noting favorable driver supply conditions and promising results from Uber’s partnership with Waymo. These developments reflect the company’s ongoing efforts to innovate and expand its service offerings in the transportation sector.
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