Wall Street Has a Strong Buy Recommendation on Uber Technologies, Inc. (UBER)

Uber Technologies, Inc. (NYSE:UBER) is among the 14 Best S&P 500 Stocks to Buy Now. On December 11, Jefferies analyst John Colantuoni reiterated a Buy rating on the stock with a share price target of $120.

Earlier in the month, on December 3, Arete Research upgraded the stock’s rating to Buy from Neutral and lifted its price target to $125 from $82. The firm believes prior concerns around autonomous vehicle (AV) competition were overdone and that Uber’s platform strength and scale are increasingly an asset as the AV market evolves.

In a research note to investors, the Arete analyst stated that, currently, only Tesla is able to build cost-friendly autonomous vehicles at scale, with other providers posing no real threat.

Moreover, the firm highlighted Uber Technologies, Inc. (NYSE:UBER)’s large customer base comprising high-income consumers who earn over $100,000 a year, resulting in reduced consumer spending risk for the ride-hailing company compared to other players in the sector.

As of the close of business on December 17, Wall Street analysts have a Strong Buy rating on the stock, with a one-year average share price target of $115.92, representing an upside of 42%.

Uber Technologies, Inc. (NYSE:UBER) is an American transportation company that provides ride-hailing services, food delivery, courier services, and freight facilities.

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Disclosure: None.