Why This Investor Sees A Buying Opportunity For Uber's Stock

If the market pulls back from recent highs, Uber Technologies Inc UBER is a stock that could present a great buying opportunity, Douglas C. Lane & Associates' Sarat Sethi said Monday on CNBC's "Squawk Box."

Sethi said he wouldn't be surprised if there is a 3% to 5% correction in the overall markets sometime soon. Uber is already about 10% off of its recent highs, he said, adding that if the market pulls back, it will likely be a buying opportunity for Uber.

See Also: Is Now The Time To Buy Stock In Uber, Lyft, DoorDash Or Match Group?

As business travel accelerates and more people head back to work in the fall, Uber should see increased ride-hailing demand, Sethi said.

"We are still short on autos" and Uber is in the right space to capitalize on the shortage, he added.

Uber is scheduled to announce its second-quarter financial results on Wednesday.

UBER Price Action: Uber has traded as high as $64.05 and as low as $28.48 over a 52-week period.

At last check Monday, the stock was up 1.46% at $44.09.

Photo: courtesy of Uber.