acf/google-ad-placement

Although Uber Technologies Inc&rsquo;s UBER Investor Day highlighted growth drivers, the company&rsquo;s 2024 adjusted EBITDA target came in short of consensus, according to Wedbush.

The Uber Technologies Analyst: Ygal Arounian reiterated an Outperform rating for Uber Technologies while reducing the price target from $57 to $48.

The Uber Technologies Thesis: While management&rsquo;s 2024 targets signal strong growth and significantly improving profitability, the midpoint of gross bookings at $170 billion was in-line with consensus and adjusted EBITDA missed the consensus estimate of $5.7 billion, Arounian said in the note.

&ldquo;While already a ubiquitous product in the U.S. and across much of the world, we still see a lot of TAM attainable in Mobility, and Delivery growth in restaurant proving sustainable post-Covid and early in other categories like grocery,&rdquo; the analyst wrote.

&ldquo;Uber for Business and advertising also creates&nbsp;a greater opportunity for growth,&rdquo; Arounian mentioned. &ldquo;The public policy and regulatory situation will remain dynamic for years to come, but we continue to expect progress with a sustained move towards compromised approaches that will pay drivers better but still allow for flexibility,&rdquo; he added.

UBER Price Action: Shares of Uber Technologies had risen by 1.08% to $35.67&nbsp;at the time of publication Monday.

Photo: Courtesy Uber

Analyst Color

Price Target

Reiteration

Analyst Ratings

Trading Ideas

Although Uber Technologies Inc&rsquo;s (NYSE: UBER) Investor Day highlighted growth drivers, the company&rsquo;s 2024 adjusted EBITDA target came in short of consensus, according to Wedbush.

Why Wedbush Is Cutting The Price Target On Uber Technologies - Uber Technologies (NYSE:UBER)

Priya Nigam

Uber Technologies

Although Uber Technologies Inc&rsquo;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/uber#NYSE">UBER</a>) Investor Day highlighted growth drivers, the company&rsquo;s 2024 adjusted EBITDA target came in short of consensus, according to Wedbush.

Application error: a client-side exception has occurred (see the browser console for more information).