Uber Technologies Analysts Boost Their Forecasts After Q2 Results

Uber Technologies, Inc UBER reported worse-than-expected second-quarter revenue results and issued third-quarter guidance.

Uber Technologies reported second-quarter FY23 revenue growth of 14% year-on-year to $9.23 billion, slightly missing the consensus of $9.32 billion. Uber's adjusted EPS of $0.02 beat the consensus loss of $(0.01).

Uber expects third-quarter gross bookings of $34.0 billion - $35.0 billion and Adjusted EBITDA of $0.975 billion - $1.025 billion.

Uber shares fell 5.7% to close at $46.65 on Tuesday.

These analysts made changes to their price targets on Uber following earnings announcement.

• Wolfe Research boosted the price target on Uber from $52 to $57. Wolfe Research analyst Deepak Mathivanan maintained an Outperform rating.
• Barclays raised the price target on Uber from $57 to $60. Barclays analyst Trevor Young maintained an Overweight rating.
• Needham boosted Uber price target from $56 to $60. Needham analyst Bernie McTernan maintained a Buy rating.
• Bernstein raised Uber price target from $50 to $55. Bernstein analyst Nikhil Devnani maintained an Outperform rating.
• DA Davidson increased Uber price target from $62 to $64. DA Davidson analyst Tom White maintained a Buy rating.
• JMP Securities increased Uber price target from $55 to $57. JMP Securities analyst Andrew Boone maintained an Outperform rating.
• Citigroup increased Uber price target from $57 to $60. Citigroup analyst Ronald Josey maintained a Buy rating.

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