- Needham analyst Bernie McTernan reiterated a Buy on Uber Technologies, Inc (NYSE:UBER) with a $52 price target.
- In his 14th Mobility Tracker, wait times and pricing continued to rise, both back up towards peak levels, which he thinks is driven by a continued rise in demand, specifically the post-Labor Day return to work, and a lagged reaction by supply.
- Also Read: Uber System Breach Culprits Are Likely The Ones Behind Microsoft, Nvidia And Okta Hack
- He believes this environment supports Uber and Lyft, Inc (NASDAQ: LYFT) (reiterated Hold) estimates and feels good about raising his 3Q bookings estimates in his last tracker two weeks ago.
- However, he reduced his LYFT estimates for 4Q22, assuming a more normal seasonal uplift, which is already contemplated in his Uber forecast.
- Strategically, he believes Uber will benefit from reopening the economy in Mobility.
- In Delivery, he thinks Uber can grow its share of bookings by expanding into new verticals with a buy-over-build strategy that allows for quick penetration. He foresees the company’s Mobility business benefiting from its Uber Pass subscription.
- He also thinks the company’s subscriptions would benefit from a more aggressive pursuit of acquisitions.
- Last month, McTernan highlighted Uber’s lead in the ride-hailing business on pandemic recovery.
- Price Action: UBER shares traded lower by 5.31% at $28.85 on the last check Thursday.
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