Uber Technologies (NYSE:UBER) stock is a hot topic on Monday after Jefferies analyst John Colantuoni named it one of the firm’s top picks.
In a new note to clients, Colantuoni reiterates a “buy” rating for shares of UBER stock. He also increases the price target for the shares from $47 each to $49 each. That represents a potential upside of 53.2% from its prior closing price.
Here’s what the Jefferies analyst said in his note to clients, as reported by CNBC.
“We estimate UBER’s core Rideshare/Restaurant Delivery businesses each operate in ~$1 trillion addressable markets, which implies just ~5% penetration and a long runway for growth. We believe UBER’s dominant scale and network effect support greater reinvestment into customer experience/adoption, which should spur frequency/stickiness and grow market share over time.”
Do Other Analysts Agree on UBER Stock?
Overall, analysts are bullish on UBER stock. The current analysts’ consensus rating is “moderate buy” with a consensus price target of $47.55 per share. That largely matches up with the rating and price target offered by Jefferies.
As for UBER stock movement today, some 8 million shares have changed hands. The company’s daily average trading volume is about 24 million shares. Investors will also note that UBER shares are up 1.4% as of Monday morning.
Investors seeking more of the most recent stock market news will want to stick around!
InvestorPlace is home to all of the hottest stock market coverage traders need to know about on Monday! A few examples of that include what has shares of Mullen Automotive (NASDAQ:MULN), Enphase Energy (NASDAQ:ENPH), and Netflix (NASDAQ:NFLX) stock moving today. You can find out more on these matters at the following links!
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On the date of publication, William White did not have (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.
