Evercore ISI Raises Uber Price Target to $120 Amid $1.20 EPS and 11% Stock Drop

Evercore ISI has raised its price target for Uber Technologies Inc. (UBER) to $120 from $90, maintaining an 'Outperform' rating. This adjustment follows the company's strong third-quarter earnings, which exceeded expectations with earnings per share of $1.20, compared to the anticipated $0.37, and revenue of $11.19 billion, surpassing the forecast of $10.99 billion. Despite these positive results, UBER's stock experienced an 11% decline due to a weak bookings outlook, prompting unusual options activity with 7,950 puts purchased, indicating investor concern about potential further downside. Other analysts have varied views, with Goldman Sachs reiterating a 'Buy' rating and a price target of $96, while Truist Securities, Bank of America, and Wells Fargo have all cut their price targets for UBER, reflecting a cautious sentiment in the market. The stock saw a slight recovery, rising 2% following the earnings report, as discussions about potential acquisitions and advancements in autonomous driving technology continue to shape investor sentiment.