Analysts at JPMorgan maintained their Overweight rating on Uber Inc. (NYSE:UBER) with a price target of $56.00. They noted that Uber remains their preferred choice in its category.
The bank anticipates that the company will surpass its standard 7% margin, expecting it to reach roughly 10% in 2023. This would put the company well ahead of its $5 billion EBITDA goal for 2024.
Furthermore, the impressive growth in New Mobility products, which saw an 80% year-on-year increase in the second quarter, reaching an $8 billion run-rate, is likely to bolster the Mobility sector.
Additionally, Uber’s management recently expressed confidence at an investor event in September, expecting a 14% or more growth in deliveries in the second half of 2023.