J.P. Morgan Sees Long-Term Growth For Uber Technologies (UBER), Reiterates Buy Rating

On May 20, J.P. Morgan analyst Doug Anmuth reiterated a Buy rating on Uber Technologies, Inc. (NYSE:UBER) and raised the price target to $105 from $92. The upgrades come after the company has signed multiple partnerships since the start of 2025 to advance its autonomous vehicle ambition.

A close up view of a hand holding a smartphone, using a ride sharing app.

Anmuth met the management of Uber Technologies, Inc. (NYSE:UBER) noting that the company remains on track or ahead of the 3-year target, which is to grow Gross Bookings by mid-high teens, maintain a healthy 30% to 40% EBITDA growth, and achieve 90% conversion of EBITDA to free cash flow through 2026.

During the fiscal first quarter of 2025, the company grew its Gross Bookings by 14% year-over-year to reach $42.8 billion. Whereas, the adjusted EBITDA grew by 35% during the same time to $1.9 billion. Anmuth anticipates the company to continue delivering strong, profitable growth from its core business while investing in long-term growth opportunities.

Moreover, the analyst also noted that he sees Uber Technologies, Inc.’s (NYSE:UBER) autonomous vehicle narrative improving, reflected by the launch with Alphabet Inc.’s (NASDAQ:GOOGL) Waymo in Austin. The lunch continues to achieve higher utilization with significant scope expansion. Anmuth projects similar launches in Atlanta.

The analyst acknowledged the long road ahead for the company, however, he believes Uber Technologies, Inc. (NYSE:UBER) is becoming a valuable partner for autonomous vehicle technology providers. This is reflected by the series of industry partnerships, since the start of this month, including those with May Mobility, Momenta, WeRide, and Pony AI.

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