Wall Street appears to have been slowly gaining confidence that Uber (NYSE: UBER) stock recovery – started October 1 – will continue in the next 12 months and take the company to new all-time highs (ATH) in 2027.
To begin with, Bernstein’s Nikhil Devnani confirmed on Friday that UBER shares remain a ‘Buy’ and that they are likely to rally 33.54% from their press time price of $71.14 to $95 in the coming 52 weeks.
On the same day, October 16, Guggenheim analyst Taylor Manley proved even more optimistic with the same recommendation, but a 75.71% forecasted rally to $125, largely thanks to a mix of strong fundamentals, a comparatively low valuation, and the expanding ‘robotaxi’ program.
Notably, only Bernstein and Wells Fargo’s (NYSE: WFC) Ken Gawrelski issued price targets lower than $100 in October, with the former forecasting a rise to $95 and the latter to $92.
Meanwhile, Eric Sheridan, a Goldman Sachs (NYSE: GS) analyst, predicted Uber stock would rally as much as 54.62% to $110 within the next 12 months.
Additionally, experts from Scotiabank, Bank of America (NYSE: BAC), BTIG, and Rosenblatt all estimated that Uber shares will record a new ATH in the next 52 weeks, and climb either to or above $100.
Wall Street sets Uber stock price target for next 12 months
Elsewhere, the October revisions came in largely in line with the three-week average, despite arriving only after the equity began its recovery. Overall, UBER stock is considered a ‘Strong Buy’ with twenty-seven positive, three ‘Hold’, and no sell recommendations provided in the last three months.
The average price target for the next 12 months is likewise bullish and forecasts the equity will rise 44.42% to $102.80, per the data Finbold retrieved from TipRanks on October 16.
Uber to expand robotaxi and delivery market share
Lastly, Uber’s recent recovery can, at least in part, be attributed to the company’s moves to expand both its autonomous taxi service and delivery business.
Indeed, the firm has an expansive deal with Lucid Motors (NASDAQ: LCID) to deploy 100,000 self-driving vehicles by 2035, began trials for such a cab service in Manchester, U.K., in mid-October, and is taking over Delivery Hero in a move that could expand its presence to roughly 50 new countries.
Still, Uber is facing some pushback to its plans, with the London rollout, for example, facing local opposition. The company has also seen some high-profile departures, with Sarfraz Maredia, head of autonomous mobility and delivery, set to leave the firm in November.
Featured image via Shutterstock
