Why Uber And Lyft Shares Are Rising Today

Uber Technologies, Inc. UBER and Lyft, Inc. (LYFT) shares are trading higher after KeyBanc maintained bullish ratings on the stocks and adjusted its price targets, respectively.

Keybanc analyst Edward Yruma maintained on Overweight rating on Uber Technologies and lowered the price target from $75 to $65.

Yruma also maintain an Overweight rating on Lyft and lowered the price target from $72 to $65.

The analyst noted 'We believe UBER is positioned well for return to work, activity, and travel across the globe in addition to benefit from the secular shifts to food delivery that we have seen throughout COVID.'

Yruma also noted 'We think UBER is in a much better position for profitability going forward, and the Analyst Day in February should shed light on further initiatives the Company is working on such as Uber Pass and grocery delivery.'

At the time of publication, Uber shares were up about 3% higher at $38.97 and Lyft was trading about 6.5% higher at $39.28 per share.