Uber Technologies, Inc. UBER shares are trading higher after Bernstein analyst Nikhil Devnani maintained an Outperform rating on the stock and raised its price target from $45 to $50.
What To Know: In a Monday note, the analyst said "We believe UBER is in the midst of an inflection point in earnings and FCF, making it our top pick in the space."
Devnani went on to say that Uber was claiming share in its ride-hailing and delivery businesses as the benefits of scale combined with improving margins.
The analyst also noted that Uber's hyper-growth phase was over, Devnani argued that Uber challenged the assertion that ridesharing is hitting maturity. Uber was still seeing strong top-line momentum as it continued to introduce new ride types.
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UBER Price Action: Shares of UBER were up 3.44% at $44.83 at the time of publication, according to Benzinga Pro.
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