On Valentine’s Day, Uber (NYSE: UBER) gifted its shareholders with the announcement of the company’s first-ever stock buyback program. The news was, judging by the initial reaction on the stock market, well received and saw the firm surge 14.73% in a single trading day on February 14.
While some of the momentum has been lost since – Uber closed 3.66% in the red on Friday, February 16, and is, by press time, down another 0.37% in the extended session – the company’s performance in recent months remains strong.
Indeed, in the last 5 trading days, Uber stock is up 10.47% and as much as 129.27% in the last 52 weeks. This year has also, so far, been good for the firm, and its shares rose 34.31% since January 1.
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Given such performance, it isn’t particularly surprising that experts are generally bullish on the firm, but the question if its stock can reach $100 in the coming 12 months remains.
Experts forecast Uber’s performance through 2024
Wall Street remains generally optimistic when it comes to Uber’s performance in the next 12 months, and the firm’s overall rating is a “strong buy,’ judging by the opinions of 37 experts analyzed by TipRanks and retrieved on February 19.
As many as 35 analysts give the firm a “buy” rating, while 2 are neutral on the stock. At press time, none of the experts taken into consideration recommends investors sell the stock.
The average price target is similarly high and stands at $84.15. While Uber reaching such a price in the coming 12 months would constitute growth of 7.32%, it would also represent a significant slowing down compared to the previous 1-year growth of 129.27%.
The highest target for the company stands at $96 – a 22.43% upside compared to the press time price – while the lowest would see Uber fall 20.93% to $62.
Technical analysis (TA) for the company retrieved from TradingView backs such a generally bullish outlook, and indicators such as oscillators and moving averages – based on the stock’s last month in the stock market – rate it as “buy” and a “strong buy” respectively, and a “strong buy” overall.
Technicals using Uber’s more short-term performance – specifically the 1-week and 1-day movements – paint a similar picture and generally rate the firm’s stock as a “buy.”
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