Susquehanna upgrades Uber to Positive as profitability continues to ramp
Susquehanna analysts raised their recommendation for Uber (NYSE:UBER) to Positive from Neutral with the price target hiked to $48 per share (up from $40).
They said that the ride-share business delivered “another solid quarter and guide, as profitability continues to ramp.”
Uber shares jumped sharply yesterday after the company’s first-quarter earnings and revenue beat analysts’ estimates. Moreover, the company’s Q2 gross bookings and adjusted Ebitda outlook topped the consensus.
“UBER posted another nice quarter, as the company is seeing continued solid top-line traction while demonstrating discipline on the cost side. It’s clear the company’s positioning continues to strengthen, while simultaneously showing improving operating leverage. These factors, along with a plethora of large growth opportunities ahead, lead us to upgrade to Positive,” analysts said in a note.
Uber shares are up 47.7% year-to-date.