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.
