Ride-sharing giant Uber (NYSE:UBER) is down today despite announcing the launch of a new “super app” in the United Kingdom. Right now, UBER stock is eyeing losses of around 3% on an otherwise solid day for markets overall.
What do you need to know about Uber?
Well, Uber announced plans yesterday to add planes, trains, hotels, buses and rental cars to the U.K. iteration of its app this year. The move comes as part of a recent transition for the company to become a one-stop-shop for travel.
With that said, the “super app” concept isn’t exactly a new idea for the company. CEO Dara Khosrowshahi first mentioned the idea in 2018. Although the pandemic prompted Uber to focus on its food delivery business, Uber Eats, it appears the company never lost sight of the bigger picture.
Jamie Heywood, one of Uber’s European general managers, commented on the company’s future initiatives:
“It’s fair to say that Covid made it a little bit hard for us to progress as quickly as we would like […] With Covid behind us, with this big push into new modes of transport, we want to signal that this is a very important growth lever for us over the coming years.”
So, with UBER stock sitting at around $32 per share, let’s see what the experts think about the company going forward.
3 Analysts Weigh In on UBER Stock
- Loop Capital analyst Rob Sanderson believes Uber is positioned for strong growth in the ride-share market. Citing strong scalability, competitive advantages and healthy potential margins, Sanderson sets a target of $55 for UBER stock as well as a “buy” rating.
- RBC analyst Brad Erickson is similarly bullish on the stock with a $50 price target. This is actually lower than his previous $65 target. The analyst cites strong competition from Lyft (NASDAQ:LYFT) and driver supply issues.
- Finally, Truist Securities analyst Youssef Squali recently raised their price target from $65 to $66. Squali maintains a “buy” rating on the stock.
On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.