Uber Technologies, Inc.

Investment Thesis

We initiate Uber with a BUY and a USD 99.06 target against USD 70.50, about 40% upside. Uber is past the question of whether its marketplace can be profitable; the debate now is how durable the cash generation is as Mobility and Delivery scale and autonomy moves from pilots toward commercial deployment. Q2 2026 gross bookings reached USD 58.0 billion, up 24%, adjusted EBITDA rose 33%, and trailing free cash flow topped USD 10 billion.