Investment bank DA Davidson increased its price target on Uber Technologies, Inc. (UBER) to $98 from $80 in a note to investors today.
DA Davidson kept a Buy rating on the shares.
A close up view of a hand holding a smartphone, using a ride sharing app.
DA Davidson Assesses Uber Technologies, Inc. (UBER)’s First-Quarter Results
The ride-sharing company’s Q1 results had their ups and downs but were generally solid, according to the investment bank.
DA Davidson noted that the company’s EBITDA came in slightly above analysts’ average estimate, while international trips made up a higher percentage of the company’s trips than in the previous quarter.
After the company’s Mobility business grew at a steady pace for the third straight quarter, DA Davidson is confident that the firm will be able to prevent the unit’s growth from meaningfully slipping.
UBER’s Strategy Is Positive, DA Davidson Says
UBER is trying to make its prices more affordable, DA Davidson noted. The investment bank reported that the firm has partially paid for the latter initiative by lowering its insurance costs.
The Recent Price Action of Uber Technologies, Inc. (UBER) Stock
In the last month, the shares have jumped 17%, while they have climbed 19% in the last three months.
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This article is originally published at Insider Monkey.
