Uber's 'Kelce-Like Quarter:' Wedbush's Ives Boosts Price Target, Lauds One Of Tech World's 'Best Turnarounds Ever' While 'Little Brother Lyft Just Watches'
Portfolio Pulse from Anan Ashraf
Wedbush analysts have increased their price target on Uber Technologies Inc (UBER) from $67 to $78, maintaining an 'outperform' rating after the company reported a strong fourth-quarter performance and provided an optimistic earnings forecast for Q1 2024. Uber's Q4 adjusted EBITDA was $1.3 billion with total revenue of $9.9 billion, exceeding consensus estimates. The company anticipates 18-22% year-on-year booking growth and adjusted EBITDA between $1.26 billion and $1.34 billion for Q1 2024. Analyst Dan Ives praised Uber's turnaround and market share gains, contrasting it with Lyft's performance.
February 08, 2024 | 11:27 am
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NEGATIVE IMPACT
Lyft is mentioned in contrast to Uber's success, with the implication that it is not performing as well in the market.
The article contrasts Lyft's performance with Uber's success, suggesting that Lyft is not keeping up with the market leader. This comparison, especially coming from a reputable analyst, could negatively impact Lyft's stock price in the short term as investors may perceive Lyft as lagging behind in the competitive ridesharing market.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Wedbush analysts have raised Uber's price target to $78 from $67, maintaining an 'outperform' rating after a strong Q4 performance and optimistic Q1 2024 forecast.
The increase in Uber's price target by Wedbush analysts is based on the company's robust fourth-quarter performance and optimistic earnings forecast for the first quarter of 2024. This positive analyst outlook, especially highlighting Uber's consistent margin expansion and market share gains, is likely to instill confidence in investors and could lead to a short-term positive impact on Uber's stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100