Uber stock price target raised to $108 from $104 at TD Cowen on record users

Investing.com - TD Cowen has raised its price target on Uber Inc. (NYSE:UBER) to $108.00 from $104.00 while maintaining a Buy rating on the stock. The ride-sharing giant, currently valued at $187.77 billion, trades at a P/E ratio of 15.34 and has delivered an impressive YTD return of 47.91%.

The price target increase follows Uber’s second-quarter performance, which featured record user numbers and increased trip frequency according to the research firm.

TD Cowen analyst John Blackledge specifically cited "Record Users And Trip Frequency" as key factors driving what the firm characterized as "Strong 2Q" results for the ride-sharing and delivery company.

The firm’s maintained Buy rating suggests continued confidence in Uber’s business trajectory despite already raising its price expectations for the stock.

The new $108 price target represents one of the higher valuations among Wall Street firms covering Uber, reflecting optimism about the company’s ability to convert its growing user base into sustainable revenue growth.

In other recent news, Uber Inc. reported stronger-than-expected second-quarter results, prompting several analysts to adjust their price targets for the company. Truist Securities raised its price target to $96, maintaining a Buy rating, citing healthy demand in both the Mobility and Delivery segments. Bernstein reiterated its Outperform rating with a $110 price target, noting that Uber’s quarterly performance was robust, particularly in its Delivery segment. Susquehanna also increased its price target to $105, highlighting that most key performance indicators exceeded expectations. UBS raised its price target to $117, maintaining a Buy rating due to stronger-than-anticipated growth in Uber’s mobility and delivery segments. The firm noted steady trip growth and attributed a topline growth miss to Uber passing lower insurance costs to consumers. Meanwhile, Wells Fargo (NYSE:WFC) slightly trimmed its price target to $119 but maintained an Overweight rating, pointing to encouraging results from Uber’s partnership with Waymo in Austin. These developments reflect a positive outlook on Uber’s growth and operational strategies.

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