Uber Wins Guggenheim Backing Over Strong Upside Potential
Synopsis
Guggenheim set a $140 price target on Uber, pointing to the company’s leadership in network scale, technology, and brand strength as key advantages in the evolving mobility market.
Uber Technologies Inc. (UBER) drew investor attention on Wednesday after Guggenheim launched coverage on the stock with a ‘Buy’ rating, endorsing the ride-hailing giant’s growth potential.
The firm set a $140 price target, pointing to the company’s leadership in network scale, technology, and brand strength as key advantages in the evolving mobility market, according to TheFly.
The price target implies nearly 50% upside potential from Uber’s Tuesday closing price.
Analyst Taylor Manley highlighted that the future of autonomous vehicle adoption will play a central role in shaping investor sentiment. Uber Technologies’ stock traded over 1% higher in Wednesday’s premarket. However, on Stocktwits, retail sentiment around the stock remained in ‘bearish’ territory amid ‘low’ message volume levels.
According to a CNBC report, Guggenheim expects autonomous vehicles (AV) to make up about 20% of the U.S. rideshare market by 2035, with international markets trailing by several years. Uber’s existing demand strength may allow it to benefit disproportionately as AV adoption scales.
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