- 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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