Uber stock rises as more analysts see upside

Uber shares rose more than 3% after two Wall Street firms reiterated their confidence in the ride-hailing company.

Vertical Research on Thursday raised its price target for Uber to $100 from $95. On Wednesday, Goldman Sachs reiterated its “buy” position on Uber after adding it to its “conviction list” earlier this month.

Uber “is arguably the most debated stock in large cap Internet,” Goldman’s Eric Sheridan said in a Jan. 2 note. He said the company has a pathway to higher profits despite recent competition from autonomous-vehicle startups, like Google’s Waymo.

As my colleague Matt Phillips recently pointed out, Uber and Tesla’s share prices have been inversely correlated in recent months. That’s still true today, with Tesla’s stock down 3.7% on the day.

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Shares of eBay fell as much as 10.5% in premarket trading on Thursday morning after the company gave a lower-than-expected profit forecast for the important holiday shopping season.

The e-commerce giant reported solid numbers for the third quarter on Wednesday, with revenue up 9% as reported to $2.8 billion and gross merchandise volume rising 10% to $20.1 billion, topping the average analyst forecast of $19.4 billion, per Bloomberg.

However, concerns about the future somewhat overshadowed these results.

eBay outlined its profit outlook for the period ending in December to $1.31 to $1.36 a share, with revenue at $2.83 billion to $2.89 billion. According to Bloomberg-compiled data, this broadly matches Wall Street’s estimates for the top line, but misses on the bottom line, with analysts forecasting EPS to come in at $1.39 — suggesting the company expects some further margin pressure.

The company has been facing macroeconomic challenges since the US ended the de minimis tariff exemption in late August, with the online marketplace reliant on shipments. One small silver lining? CFO Peggy Alford highlighted a “less durable trend” on a post-earnings call: that as commodity prices for precious metals boomed, demand for bullion and collectible coins on eBay spiked.

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