Uber Performed Better When Market Is In Equilibrium, Analyst Says While Expecting Upside To More Than Double

  • Needham analyst Bernie McTernan reiterated Buy on Uber Technologies, Inc UBER with a $54 price target.
  • In his 18th Mobility Tracker, he performed a deep dive on pricing.
  • His study showed that UBER tends to serve better relatively when the market is closer to equilibrium. 
  • Uber's trend could support future performance, assuming the broader supply and demand dynamics continue to improve.
  • During the most recent two-week period, pricing was largely stable, and wait times were slightly worse, driven by a modest mean reversion by Lyft, Inc LYFT following the significant gains during the prior two weeks. 
  • McTernan observed wait times remain towards the lower end over the past 15 months while pricing is elevated.
  • Price Action: UBER shares traded lower by 1.34% at $28.37 on the last check Monday.
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