{"id":27015,"date":"2023-06-24T14:57:08","date_gmt":"2023-06-24T18:57:08","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/could-ubers-stock-cruise-to-70-barclays-thinks-it-can-keep-riding-higher-in-a-big-way\/"},"modified":"2023-06-24T14:57:10","modified_gmt":"2023-06-24T18:57:10","slug":"could-ubers-stock-cruise-to-70-barclays-thinks-it-can-keep-riding-higher-in-a-big-way","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=27015","title":{"rendered":"Could Uber\u2019s stock cruise to $70? Barclays thinks it can keep riding higher in a big way."},"content":{"rendered":"
\n

Uber Technologies Inc. shares have been on a tear this year, but Barclays analyst Ross Sandler sees ample room for the dominant ride-hailing name to continue cruising.<\/p>\n

In the face of the 76% move higher in Uber shares
\n UBER,
\n +1.24%<\/bg-quote>
\n so far in 2023, he lifted his price target on Uber\u2019s stock to $57 from $45 Friday, while also writing that a path to $70 is \u201cbecoming clearer.\u201d<\/p>\n

\n

Shares of Uber \u201ctrade slightly below their $45 IPO price today and have yet to \u2018break out\u2019 of the range, even during the peak froth\/[zero-interest-rate-phenomenon] environment,\u201d Sandler wrote. \u201cBut with a number of catalysts on the horizon (widely anticipated\u00a0[S&P 500] inclusion, potential buybacks, etc.), we wouldn\u2019t be surprised if shares finally drifted north of the historical ranges.\u201d<\/p>\n

Some fairly simple catalysts could drive a further rally in Uber shares, according to Sandler. He expects that the company can lean on growth in its base UberX business, newer product initiatives like reserved rides and expansion into untapped international markets to spur at least 15% growth in gross bookings over the years to come. <\/p>\n

But there are also some more exciting potential drivers of stock appreciation, according to Sandler, who is perhaps more bullish than most on the company\u2019s potential in grocery delivery.<\/p>\n

\u201cMost investors think online grocery is a path to nowhere for shareholder value, after seeing fits and starts from Amazon for years, and after the 2021 bubble burst for many of the quick-commerce players,\u201d he wrote. <\/p>\n

But if Uber nails the execution of its own efforts, \u201cwhereby consumers gain convenience, drivers pick up more off peak shifts and, most importantly, the fee structure and value-added software work for the grocery retailers, we think this might be an area that could surprise to the upside over the next several years,\u201d Sandler continued.<\/p>\n

Read: Is a Lyft acquisition in the cards? \u2018It\u2019s not so clear-cut,\u2019 analyst says.<\/strong><\/p>\n

Additionally, the company\u2019s Uber One membership program strikes him as compelling. The membership helps lower Uber\u2019s customer-acquisition costs because it can better incentivize users of one part of its ecosystem, like rides, to try services like food delivery.<\/p>\n

\u201c[E]ngagement with some of these new verticals is gaining traction and Uber One can be a good tailwind to improve that adoption at very little cost,\u201d he wrote.<\/p>\n

But the Uber of the future could look a lot different than the Uber of today, in his view. Many companies have tried and failed to achieve U.S. success with the concept of a \u201csuper app\u201d that combines disparate services all in one place. Will Uber be the one to break through with that?<\/p>\n

See also: Uber partners with Waymo in self-driving push<\/strong><\/p>\n

\u201cThe company has been quietly adding more layers of the travel stack to its app in various regions, in an effort to test consumer engagement with these services,\u201d Sandler wrote. \u201cA lot of this is still in test-mode and it\u2019s unclear how things will evolve from here, but given Uber\u2019s position in the industry, the CEO\u2019s background, new AI technologies in the market, and some of these new travel supplier trials, we think there is a big opportunity ahead.\u201d<\/p>\n

He sees a \u201creasonable possibility\u201d that Uber evolves into a \u201ctravel concierge,\u201d leveraging artificial intelligence. <\/p>\n

\u201cOne could envision additional perks like no-wait, premium upgrades to Black or Green (from X) or discounted trips to\/from the airport for booking other travel (hotel) through the app,\u201d Sandler wrote. \u201cGiven the restaurant data, one could envision recommendations while traveling being a nice differentiator.\u201d<\/p>\n

In this futuristic scenario, Uber\u2019s stock carries even more potential, in his view. He titled his section on these prospects: \u201cThe Path To $100.\u201d<\/p>\n

\u201cThis strategy is just getting off the ground, so it\u2019s\u00a0too early to assign a lot of enterprise value to it,\u201d he wrote. \u201cBut we believe\u00a0UBER shares are in a position to nearly double just from growth and margin expansion in the base ride-hail and food delivery business, and\u00a0this next stage would be incremental to value.\u201d<\/p>\n

Don\u2019t miss: New Lyft CEO\u2019s \u2018unusual\u2019 pay structure is a \u2018sign of the times\u2019<\/strong><\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Uber Technologies Inc. shares have been on a tear this year, but Barclays analyst Ross Sandler sees ample room for the dominant ride-hailing name to continue cruising. In the face of the 76% move higher in Uber shares UBER, +1.24% so far in 2023, he lifted his price target on Uber\u2019s stock to $57 from […]<\/p>\n","protected":false},"author":1,"featured_media":27016,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-27015","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nCould Uber\u2019s stock cruise to $70? 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