Uber (NYSE:UBER) stock is a hot topic among traders on Tuesday after one analyst increased their price target for shares of the company.
Evercore ISI analyst Mark Mahaney is behind today’s news. Mahaney recently set a new price target of $75 for UBER stock. That represents a potential 152% upside for shares of the ride-sharing company. The price target also looks good compared to analysts’ consensus price target of $47.79 per share.
Investors will also keep in mind that the Evercore ISI analyst also named UBER as his number two top pick among large-cap technology stocks. Mahaney believes that Uber’s EBITDA will continue to remain positive.
This positive stance on UBER stock is also being echoed by other analysts. The current consensus rating for the stock is a “strong buy” based on 25 analyst opinions. The consensus price target of $47.79 also represents a potential 32.68% upside for shares.
UBER Stocks Gains on Q1 Earnings
To go along with the new price target, shares of UBER stock are rising with the company’s latest earnings report. The company’s adjusted EPS of -8 cents matched what Wall Street had expected. Revenue of $8.8 billion also just beat out analysts’ $8.7 billion estimate.
With this news comes heavy trading of UBER stock. Some 36 million shares are on the move as of this writing. For comparison, the company’s daily average trading volume is about 25 million shares.
UBER stock is up 7.1% as of Tuesday morning.
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On the date of publication, William White 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.
