Barclays analysts hiked the price target on Uber (NYSE:UBER) by $12 to $57 per share after the stock surged 75% year-to-date.
They see more upside from current levels and say the stock could ultimately hit $70 per share.
“Even before we get to the Travel Concierge AI future, we see a path for UBER shares to get to $70 based on 15x $10bn in EBITDA. The $10bn figure is still a few years out, but based on consistent growth and margin, should be achieved in 2026, which would mean shares could reach the $70 level some time in 2025,” they explained in a note.
A positive catalyst could come early next year when Uber’s management may update its long-term forecast. Achieving investment grade status and increasing share repurchases could also act as positive catalysts for Uber shares to re-rate.