Uber Technologies Receives Fresh Buy Rating as Analyst predicts 17% Upside
New York, NY – September 9, 2024 – Uber Technologies (UBER) shares are poised for growth, according too a new report from Bernstein, which maintained a Buy rating with a price target of $110.00. This comes as the stock closed yesterday at $92.95.
The positive outlook aligns with broader analyst sentiment, which currently indicates a Strong Buy consensus for uber. The average price target from analysts is $109.54, suggesting a potential 17.85% increase from current levels. Goldman Sachs also recently reaffirmed a Buy rating on Uber, setting a $120.00 price target in a report released on September 8.
Leading the bullish perspective is Bernstein analyst Devnani, who boasts a 25.4% average return and a 78.13% success rate, according to TipRanks. Devnani specializes in the Consumer Cyclical sector and also covers stocks like DoorDash,Maplebear,and eBay.
Uber’s strong financial performance further supports the optimistic forecasts. The company’s latest quarterly earnings, for the period ending June 30, revealed revenue of $12.65 billion and a net profit of $1.36 billion. This represents growth compared to the $10.7 billion in revenue and $1.02 billion in net profit reported for the same quarter last year.
However, recent corporate insider activity presents a contrasting signal.Data indicates negative sentiment based on the actions of 88 insiders over the past quarter, with increased selling of UBER shares. Notably, Jill Hazelbaker, Uber’s Chief Marketing Officer and SVP, Public Affairs, sold 31,250.00 shares last month for a total of $3,012,812.50.
