{"id":27716,"date":"2023-06-26T14:46:39","date_gmt":"2023-06-26T18:46:39","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/ubers-stock-gets-another-strong-endorsement-as-bernstein-sees-a-path-to-60\/"},"modified":"2023-06-26T14:46:41","modified_gmt":"2023-06-26T18:46:41","slug":"ubers-stock-gets-another-strong-endorsement-as-bernstein-sees-a-path-to-60","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=27716","title":{"rendered":"Uber\u2019s stock gets another strong endorsement as Bernstein sees a path to $60"},"content":{"rendered":"
\n

Another analyst is feeling highly upbeat about Uber Technologies Inc.\u2019s stock. <\/p>\n

\u201cYour bull case has arrived,\u201d Bernstein analyst Nikhil Devnani proclaimed in a Monday note to clients, as he reiterated his view of Uber
\n UBER,
\n +2.93%<\/bg-quote>
\n shares as his top pick and lifted his price target to $50 from $45. <\/p>\n

\n

At the same time, he sees an upside case where the shares could hit $55 to $60. That hinges on continued profit beats and Uber\u2019s ability to sustain a multiple of about 20 times free cash flow estimates for one year out. <\/p>\n

\u201cWe believe [Uber] is in the midst of an inflection point in earnings and [free cash flow], making it our top pick in the space,\u201d Devnani wrote. \u201cAs a higher cost of capital has put greater constraints on smaller competitors, [Uber] has seen its market share improve alongside its economics.\u201d<\/p>\n

Uber is clearly benefiting from a more rational pricing landscape in the ride-hailing industry, realizing advantages from scale, growing or maintaining share in key markets and racking up margin improvements, according to Devnani. <\/p>\n

Read:\u00a0<\/strong>Is a Lyft acquisition in the cards? \u2018It\u2019s not so clear-cut,\u2019 analyst says.<\/p>\n

He also expects that the company will see its free cash flow improve to nearly $6 billion by 2025, from a current run rate of about $2 billion. That\u2019s \u201ca much quicker build than we see for other stocks right now,\u201d he said, and it sets Uber up \u201cto be one of the most compelling FCF growth stories in Internet over the next 2-3 years.\u201d<\/p>\n

Another catalyst on the horizon is the possibility that Uber could get added to the S&P 500. That would require that the ride-hailing giant see GAAP profits over a trailing-12-month basis and in the most recent quarter before its potential inclusion. Devnani thinks it\u2019s possible that Uber could meet the criteria by the second half of 2024, although he acknowledges that the company\u2019s equity stakes, which are marked to market, could affect its ability to hit the goal. <\/p>\n

Don\u2019t miss:<\/strong> How opera workers\u2019 ruling could help Uber, Lyft and DoorDash workers unionize<\/p>\n

Bernstein research has indicated that \u201cstocks tend to outperform the 6-12 months leading into S&P inclusion,\u201d Devnani said, and looking past 2024, \u201cconsistently improving profitability and a stronger balance sheet could also contribute to better credit ratings.\u201d<\/p>\n

Devnani follows Barclays analyst Ross Sandler, who lifted his price target on Uber shares to $57 from $45 Friday while writing that he saw his own upside case of $70.<\/p>\n

See more: <\/strong>Could Uber\u2019s stock cruise to $70? Barclays thinks it can keep riding higher in a big way.<\/p>\n

Uber shares have rallied more than 80% to start 2023, while shares of smaller rival Lyft Inc.
\n LYFT,
\n +0.05%<\/bg-quote>
\n are down 8% over the same span.<\/p>\n<\/p><\/div>\n<\/div>\n

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

Another analyst is feeling highly upbeat about Uber Technologies Inc.\u2019s stock. \u201cYour bull case has arrived,\u201d Bernstein analyst Nikhil Devnani proclaimed in a Monday note to clients, as he reiterated his view of Uber UBER, +2.93% shares as his top pick and lifted his price target to $50 from $45. At the same time, he […]<\/p>\n","protected":false},"author":1,"featured_media":27717,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-27716","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nUber\u2019s stock gets another strong endorsement as Bernstein sees a path to $60 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Another analyst is feeling highly upbeat about Uber Technologies Inc.\u2019s stock. \u201cYour bull case has arrived,\u201d Bernstein analyst Nikhil Devnani proclaimed\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=27716\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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