Why Jim Cramer Is Bullish On Uber Technologies Stock: 'This Is The Time To Start Accumulating'

Uber Technologies Inc UBER was featured Wednesday during Jim Cramer's mad dash segment on CNBC's "Squawk On The Street."

What Happened: Barclays analyst Ross Sandler maintained Uber with an Overweight rating and raised the price target from $48 to $53, citing an increased availability of rideshare drivers and expectations for the company to turn free cash flow positive.

Why It Matters: Cramer recommended buying the stock after agreeing with the Barclays analyst call.

"Here's why I think it's a great call: because this thing has come down so much and what's been the impediment ... is it's just very hard to get drivers, but with the so-called recession that's coming, drivers are available and people are going out," Cramer said.

As a result of the increased availability, Uber's costs are falling, which is creating the buying opportunity, he said.

"Uber may be coming back and I think this is the time to start accumulating a position."

From Last Month: If You Invested $1,000 In Uber Stock At Its COVID-19 Pandemic Low, Here's How Much You'd Have Now

UBER Price Action: Uber has a 52-week high of $52.36 and a 52-week low of $21.27.

The stock was up 2.3% at $25.30 Wednesday morning, according to data from Benzinga Pro.

Photo: courtesy of Uber.