Uber (NYSE:UBER) held its annual GO-GET event on Tuesday, releasing several new product features. Following the event, analysts at Roth MKM, JMP Securities, and Evercore ISI released notes explaining their view of the event.
At JMP Securities, analysts maintained a Market Outperform rating and a $55 price target on the stock. They said the new features addressed the specific needs of various customers, including groups, parents, non-smartphone users, and teens.
"With Uber successfully driving adjacent demand through new mobility products and new verticals for Delivery, it is extending its platform advantage as it increases user engagement, driver earnings, and network density (lowering variable costs)," they wrote.
Evercore ISI analysts said, "Uber announced a series of product developments and service initiatives that we believe are incremental (modestly) to the company's existing products/services."
"Overall, the key theme at this year's GO-GET event was around connecting with family and friends for everyday & leisure activities. We view the launch of Uber Teen, Group Grocery Orders, and Group Rides as the most material modifications/introductions, with the other announcements (Uber Car Seat, Uber Boat, Uber Central, 1-833-USE-UBER, and Video Gift Messaging) as only modestly incremental," said the analysts, who kept an Outperform rating and $75 target price on Uber shares.
Roth MKM analysts maintained a Buy rating on Uber, with the firm continuing to view the ride-hailing company's shares as a top long idea in its Consumer Internet universe for the rest of 2023.
"While Uber management did not share anything incremental toward near-term trends, yesterday's event demonstrated two things: (1) Uber continues to differentiate product vs. peers with greater cross-functionality across Mobility & Delivery; and (2) Uber is making tangible progress to become a one-stop-app for all mobility and online shopping needs for consumers everywhere," said the analysts.