(CercleFinance.com) – Bank of America announced Tuesday that it had increased its price target on Uber from $68 to $73, while renewing its buy recommendation on the stock.
After having signed a fantastic 2023 financial year on the New York Stock Exchange (+120% gains last year), Uber remains well positioned to continue to benefit from the known inflection in its results, underlines the analyst.
‘In terms of its prospects, we believe that Uber offers one of the best three to five year growth profiles in the Internet sector, with orders expected to increase by 15% to 20% per year. year and an Ebitda expected to increase by 30%’, explains the research office.
According to him, this dynamic should allow the Californian group to raise its margins to around 7% in the long term, compared to 3.5% at present, writes the intermediary.
BofA thus says it forecasts figures for 2024 above the estimates established by Wall Street and declares that it envisages good surprises for the first quarter, while declaring that it is aware of the risk posed by setting too optimistic forecasts.
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