Uber Gets 9% Price Target Boost From Wedbush After Investor Day, Ross Gerber Calls It 'Fire Breathing Dragon'
Portfolio Pulse from Anan Ashraf
Uber Technologies Inc (NYSE:UBER) saw its shares jump 14.7% to close at $79.15 following its investor day, where the company's three-year outlook exceeded analyst expectations. Wedbush analysts have raised their price target for Uber from $78 to $85, maintaining an 'outperform' rating. The company anticipates mid-to-high teens CAGR growth in gross bookings and over 90% annual free cash flow generation for the next three years. A $7 billion share buyback program was also announced, highlighting Uber's strong market position and consistent performance.
February 15, 2024 | 12:03 pm
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POSITIVE IMPACT
Uber's stock price surged following a positive investor day and a price target increase by Wedbush from $78 to $85. The company's optimistic three-year outlook and a $7 billion share buyback program underscore its strong market position and growth potential.
The positive investor day outcomes and the subsequent price target increase by Wedbush are likely to instill confidence among investors, driving short-term positive sentiment. The announcement of a $7 billion share buyback program further supports the bullish outlook, indicating management's confidence in the company's financial health and future prospects.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100