Uber Performed Better When Market Is In Equilibrium, Analyst Says While Expecting Upside To More Than Double

Needham analyst Bernie McTernan reiterated Buy on Uber Technologies, Inc UBER with a $54 price target.
In his 18th Mobility Tracker, he performed a deep dive on pricing.
His study showed that UBER tends to serve better relatively when the market is closer to equilibrium.
Uber's trend could support future performance, assuming the broader supply and demand dynamics continue to improve.
During the most recent two-week period, pricing was largely stable, and wait times were slightly worse, driven by a modest mean reversion by Lyft, Inc LYFT following the significant gains during the prior two weeks.
McTernan observed wait times remain towards the lower end over the past 15 months while pricing is elevated.
Price Action: UBER shares traded lower by 1.34% at $28.37 on the last check Monday.

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