30 Stocks That Should Double in 3 Years

5. Uber Technologies Inc. (NYSE:UBER)

Number of Hedge Fund Holders: 166

Uber Technologies Inc. (NYSE:UBER) is a multinational company that offers a range of services, such as ride-hailing, food delivery through Uber Eats, courier services, and freight transport. It operates in thousands of cities across 70 countries around the world. It has three segments: Mobility, Delivery, and Freight.

Uber’s progress in the AV space, particularly its partnership with Waymo, positions it well for the future of transportation. During Q4 2024, Uber Technologies Inc. (NYSE:UBER) grew its gross bookings by 18% year-over-year. This resulted in the revenue growing 20% during the same time to reach $12 billion. In 2025, the company expects to extend to Atlanta and Austin.

On April 23, Justin Post from Bank of America Securities reiterated a Buy rating on UBER stock and set a $95 price target. Post gave this rating despite the recent FTC lawsuit against Uber in association with its Uber One subscription policies, which accused the company of deceptive billing and cancellation practices. By 2027, the management anticipates a nearly 50% increase in free cash flow.

Hardman Johnston Global Equity Strategy remains bullish on the company and stated the following regarding Uber Technologies Inc. (NYSE:UBER) in its Q4 2024 investor letter:

“During the quarter, we initiated three new positions in Lennar Corporation, Bank of America Corp., and Uber Technologies, Inc. (NYSE:UBER). Uber is a leading platform company that facilitates ride-hailing, food delivery, and freight booking services, which each represent large and underpenetrated markets. Uber is active in more than 10,000 cities and approximately 70 countries globally, and Uber is a market leader with more than 65% market share in nearly all ride-sharing regions in which it operates. Uber should continue to benefit from secular tailwinds, product innovation, expansion, and network effects. The cross-selling of the Uber One membership program should drive both loyalty and engagement. International markets represent half the business and continue to be an important growth driver. Overall, we see sustained healthy topline growth for the company over the next three years with some insulation to global economic trends.”