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Citigroup upgraded Uber Technologies Inc (NYSE:UBER) Monday, citing the potential for the stock to rise on better third quarter earnings.
The Analyst
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Itay Michaeli upgraded Uber from Neutral to Buy and maintained a $45 price target.
The Thesis
Second-half revenue for the ridesharing pioneer is expected to accelerate, Michaeli said in the upgrade note, adding that the stock has been hampered by worries about a new California law that could turn gig workers into employees there — and by the lockup period from the company’s May IPO. (See the analyst's track record here.)
“While these overhangs will likely persist, we believe Q3 results could swing sentiment more favorable, as H2 revenue is expected to accelerate and as high level (California law) scenarios now appear better understood.”
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Uber’s relative position on the potential for the move to autonomous vehicles has improved, and there may be potential profit opportunities from next-generation vehicles such as electric cars, according to Citi.
Price Action
Uber stock was was up 2.26% at $30.34 at the time of publication.
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Photo courtesy of Uber.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.