Uber Technologies (UBER)

Jun 30, 2023Trade Ideas

Keep an eye on Uber Technologies (UBER).

The last time we highlighted this stock, it traded around $25 in late 2022.  Today, it’s up to $42.17.  While it’s a big overbought at current prices, it could see another boost.  For one, Oppenheimer analysts just raised their price target on the stock by $10 to $65 a share. 

“Gross bookings increased 19% in 1Q; UBER guided +15% in 2Q as it is positively exposed to favorable consumer spending verticals. Categories driving gross bookings including travel and restaurants are forecasted to grow 15% this year. Meanwhile, consumer weakness in building materials and furniture stores, down 11% y/y in April, and electronics and clothing stores, down 3% in May, does not affect UBER,” they said, as quoted by Investing.com. 

Also, we have to consider the UBER stock is expected to be added to the S&P 500 this year.

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