Vandita Jadeja
5 min read
Quick Read
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Uber (NYSE:UBER) trades near $70 while 24/7 Wall St. sets a $107 target, implying 54% upside on a BUY rating.
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Uber’s $10.4B in trailing free cash flow at a 14 P/E anchors the case that the sub-$70 discount is overdone.
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DoorDash (NASDAQ:DASH) trades at 88x earnings while Lyft (NASDAQ:LYFT) sits near 2x, leaving Uber at 14x in the middle.
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Uber Technologies (NYSE:UBER) closed at $69.87 on November 4. Wall Street’s consensus target is $100.77, about 44.2% above that close. The 24/7 Wall St. price target is $107.27 over the next 12 months, which means 53.5% upside.
24/7 Wall St. Price Target Summary
Uber earns a buy rating from the model with fairly high confidence. The analyst community leans the same way, with 9 Strong Buy and 32 Buy ratings against 8 Holds and 1 Sell.
The gap between price and target comes down to whether investors keep marking Uber down for weak reported revenue while bookings keep growing at 20% or more.
A Revenue Beat and an EPS Miss Set Up a Rebound
Shares rose 4.91% on earnings day and gained 7.05% over the week. Over a longer period, Uber is down 14.49% year to date and sits 26.6% below its 52-week high of $95.18, just 9.1% off its $64.04 low.
Third-quarter revenue reached $14.77B, up 9.7% and ahead of the $14.67B consensus. Non-GAAP EPS of $0.88 fell short of the $0.90 estimate. Gross Bookings rose 20% to $59.8B, and changes to the business model cut reported revenue growth by 8 percentage points. The CEO told CNBC that Uber is “investing significantly” to add drivers.
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