Skip to content

AI predicts UBER stock price for end of 2024

AI predicts UBER stock price for end of 2024
Aneena Alex

Uber Technologies Inc. (NYSE: UBER) saw its stock surge by 10.81% on Friday, closing at $86.34. This unexpected rise followed Tesla’s (NASDAQ: TSLA) much-anticipated robotaxi reveal, which had initially raised concerns among investors about potential competition in the ride-hailing business. 

However, with Tesla’s plans lacking concrete timelines, Uber benefited from the event, pushing its stock to a 52-week high, up nearly 43% year-to-date. This momentum, combined with strategic initiatives, has left investors wondering how far Uber can go by the end of 2024.

UBER stock price chart. Source: Google Finance

AI prediction and analyst revisions

To gauge Uber’s future potential, Finbold consulted OpenAI’s ChatGPT-4o, which predicted that Uber could see its stock price reach between $100 and $105  by the end of 2024, driven by its expanding autonomous vehicle ecosystem and strong market demand. 

ChatGPT-4 on UBER price. Source: ChatGPT-4/Finbold

The AI analysis highlighted Uber’s strategic partnerships, such as its collaboration with Avride and Waymo. Uber has teamed up with Avride to roll out autonomous delivery robots through Uber Eats, starting in cities like Austin and expanding to Dallas and beyond. 

At the same time, its partnership with Waymo enables Uber to integrate advanced self-driving technology into its ride-sharing platform, positioning it as a leader in the autonomous vehicle market.

The company’s position has been further strengthened by its ongoing push towards adoption of autonomous vehicles and electric vehicle (EV). At its core, Uber’s partnership with OpenAI to develop an AI assistant that helps drivers transition to EVs shows its move to a more sustainable future. 

With an $800 million investment aimed at transitioning to a fully electric fleet by 2040, Uber continues to position itself as a forward-looking company ready to capitalize on the next wave of transportation innovation.

Several analysts have revised their price targets in light of recent developments. Citi analyst Ronald Josey reaffirmed a Buy rating with a $98 price target, citing Tesla’s robotaxi event as removing a significant overhang on Uber shares. 

Meanwhile, JPMorgan analyst Doug Anmuth reiterated a $95 price target, expressing confidence in Uber’s compound annual growth rate of mid- to high-teens for gross bookings over the next three years.

BMO Capital also maintains a bullish outlook, setting a price target of $92, noting that Uber’s global driver supply gives it a competitive advantage over Tesla, whose robotaxi ambitions may take years to scale.

A deeper look at Uber’s financials

Uber is currently valued at $181.39 billion, with an enterprise value of $184.69 billion, highlighting its strong market presence. 

The company has generated $40.06 billion in revenue over the last year, with gross profits of $12.79 billion. While its trailing P/E ratio of 94.61 may suggest the stock is expensive at face value, its forward P/E of 44.35 indicates that investors are optimistic about Uber’s future growth.

This optimism is also reflected in Uber’s PEG ratio of 0.95, suggesting that the stock’s valuation is reasonable considering the company’s projected growth.

With Uber riding high on positive investor sentiment following Tesla’s underwhelming event, combined with solid AI predictions and upward analyst revisions, the company is set for continued growth.

If Uber can maintain its current trajectory and capitalize on its strategic moves in the autonomous vehicle space, it could well hit the AI-predicted price target of $100 to $105 by the end of 2024.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Read Next:

Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Sign Up

or

By submitting my information, I agree to the Privacy Policy and Terms of Service.

Already have an account?

Services

IMPORTANT NOTICE

Finbold is a news and information website. This Site may contain sponsored content, advertisements, and third-party materials, for which Finbold expressly disclaims any liability.

RISK WARNING: Cryptocurrencies are high-risk investments and you should not expect to be protected if something goes wrong. Don’t invest unless you’re prepared to lose all the money you invest. (Click here to learn more about cryptocurrency risks.)

By accessing this Site, you acknowledge that you understand these risks and that Finbold bears no responsibility for any losses, damages, or consequences resulting from your use of the Site or reliance on its content. Click here to learn more.