Shares of Uber Technologies Inc (NYSE:UBER) came under pressure in early trading on Tuesday, despite the company reporting strong third-quarter results.
Here are some key analyst takeaways:
- Goldman Sachs analyst Eric Sheridan reiterated a Buy rating and a $120 price target.
- JPMorgan analyst Doug Anmuth maintained an Overweight rating on the stock.
Check out other analyst stock ratings.
Goldman Sachs: Uber Technologies reported gross bookings of $49.74 billion, beating Street expectations of $48.95 billion, Sheridan said in a note. Total revenues came in at $13.47 billion, topping the consensus of $13.28 billion, with Mobility at $7.68 billion, Delivery at $4.48 billion and Freight at $1.31 billion, he added.
Despite the revenue beat, adjusted EBITDA was broadly in-line with expectations, "likely an output of mgmt's consistent messaging this year to focus on growing the business rather than optimizing for incremental margins," the analyst wrote. For the fourth quarter, the company guided to total bookings of $52.25-$53.75 billion and adjusted EBITDA of $2.41-$2.51 billion versus Street estimates of $51.11 billion and $2.46 billion, respectively, he further stated.
JPMorgan: Uber reported higher-than-expected gross bookings, but overall margins remained sequentially flat, Anmuth said. EBITDA of $2.26 billion was slightly above the mid-point of the guidance range of $2.19-$2.29 billion, he added.
Mobility trips accelerated across all regions, the analyst stated. "We believe UBER can continue to grow the Delivery category profitably as it continues to see better membership adoption, scales advertising, and strengthens marketing and incentive optimization," he further wrote.
UBER Price Action: Shares of Uber had declined by 6.56% to $93.25 at the time of publication on Tuesday.
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