Wells Fargo Raises Price Target on Billion-Dollar Company, Forecasts Firm’s Stock Will Soar by 52%: Report
Wells Fargo updates its prospects on Uber (Uber), planned an explosive stock market for the carpooling company of $ 173 billion.
In a new note to customers, Ken Gawrelski by Wells Fargo and other analysts increase Uber's price goal at $ 100 against $ 90 and reiterate a note of overweight, reports Barron's.
Analysts also indicate that the Uber's share price could reach $ 126, an increase of more than 52% compared to the closure of $ 82.81 of the action on Friday, as competition is likely to stimulate the efficiency of the company.
“We believe that the stock is likely to outperform while healthy fundamental trends lead to the upward revisions of estimates.”
The update comes after the declared profit of Uber for the first quarter exceeded the estimates of analysts with a profit per share of $ 0.83, so much arrow with consensus forecasts of $ 0.51. The company also printed $ 11.5 billion in revenues in the first quarter, growth of 14% on one basis from one year on the other.
However, the company did not reach the expected turnover of $ 11.6 billion in the first quarter of the year.
One of the highlights reported was that users reserved more than three billion “trips”, up 18% compared to the first quarter of 2024.
Wells Fargo's team notes that high -level trends remain strong for Uber mobility and delivery segments. They also say that Uber deployment of short -term autonomous vehicles should arouse more interest from investors.
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