Zinger Key Points
- Uber's growth is driven by product innovation, expansion into new verticals, and profitable growth initiatives
- Uber receives an "Outperform" rating and a $90 price target from Wolfe Research.
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Uber Technologies Inc. UBERHTTPSUBER shares are trading higher Tuesday after Wolfe Research initiated coverage on the stock with an Outperform rating and a price target of $90.
What To Know: Wolfe Research analyst Shweta Khajuria noted Uber’s position as a leading platform in ridesharing and food delivery, serving large and underpenetrated markets.
The analyst expects Uber to benefit from secular tailwinds, product innovation and expansion into new verticals such as advertising and new mobility services. Khajuria also expects the cross-selling of the Uber One membership and international expansion to deliver mid-to-high teens percentage topline growth over the next three years.
Additionally, Khajuria’s bull case expects operational efficiencies and growth in reserve and ads to drive margin expansion.
UBER Price Action: Uber shares were up by 4.05% at $75.22 according to Benzinga Pro.
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