Wells Fargo contributes to his prospects on Uber (Uber) and is said to predict an explosive share price for the $ 173 billion ride-hailing company.
In a new note for customers, Wells Fargo’s Ken Gawrelski and other analysts salary Uber’s price target to $ 100 from $ 90 and repeat an overweight rating, Barron’s reports.
The analysts also say that the stock price of Uber rises to $ 126, an increase of more than 52% compared to the $ 82.81 of the share on Friday, because competition will probably stimulate the company’s efficiency.
“We believe that the shares will probably perform better, because healthy fundamental trends revise upward estimate of estimate.”
The update comes after the reported income from Uber for the estimates of the first quarter defeated with the estimates of analysts with a profit per share of $ 0.83, which rises above the consensus prediction of $ 0.51. The company also printed $ 11.5 billion in income in Q1, a growth of 14% on an annual basis.
In the first quarter of the year, however, the company did not notice the expected turnover of $ 11.6 billion.
A highlight reported that users booked more than three billion ‘trips’, 18% of the first quarter of 2024.
The Wells Fargo team notes that top-line trends remain strong for both Uber’s mobility and delivery segments. They also say that Uber’s use of autonomous vehicles should attract more investors’ interests in the short term.
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