Uber Stock Could Nearly Double As Pandemic Recovery Continues, Needham Says

Needham analyst Bernie McTernan reiterated a Buy on Uber Technologies, Inc UBER with a price target of $52.
In his 12th Mobility Tracker, wait times and pricing increased over the past month but held mainly onto the significant improvements that started in July.
Lyft, Inc LYFT has shown some positive signals, taking back some lost share in wait times, although UBER still leads in his head-to-head comparison, he said.
NYC has been the most robust performing city over the past six weeks, McTernan noted.
The analyst observed that the demand indicators have seemingly stabilized over the past few months.
McTernan will look for lower gas prices and their impact on supply and demand, with the national average below $4.
Strategically, Uber will benefit from reopening the economy in Mobility.
Both Uber and Lyft talked about the return of profitable growth and its positive impact on their respective consolidated margins.
In Delivery, the analyst thinks Uber can grow its share of bookings by expanding into new verticals with a buy-over-build strategy that allows for quick penetration.
McTernan foresees the company's Mobility business benefiting from its Uber Pass subscription.
The analyst also thinks the company's subscriptions would benefit from a more aggressive pursuit of acquisitions.
Price Action: UBER shares traded lower by 3.45% at $28.01 on the last check Monday.
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