TLDR
- TD Cowen analyst John Blackledge reiterated a Buy rating and $114 price target on Uber (UBER)
- Target implies a 47% upside from the current price of ~$77.56
- Q1 gross bookings estimated at $52.8 billion, up 23.4% year-over-year
- Uber’s “barbell product strategy” targets both budget and premium riders
- Wall Street consensus is Strong Buy: 19 Buy ratings and 3 Holds in the past three months
TD Cowen analyst John Blackledge reiterated his Buy rating on Uber on April 21, 2026, keeping his $114 price target in place. With the stock trading around $77.56, that target points to roughly 47% upside from current levels.
Uber Technologies, Inc., UBER
The firm estimates Q1 gross bookings of $52.8 billion, up 23.4% year-over-year, landing in line with consensus. TD Cowen also projects Q1 EBITDA growth of 29.6% year-over-year, close to the midpoint of management’s own guidance.
Uber stock has climbed 13% since hitting a near-term low of $68.46 on March 27. The stock currently carries a market cap of $157.8 billion.
TD Cowen trades Uber at 22.7 times price-to-earnings, roughly 13.6 times EV/EBITDA, and a 5.8% free cash flow yield on 2026 estimates. The firm sees earnings per share growing around 28% annually from 2026 to 2031.
Mobility and Delivery Driving the Bull Case
Blackledge’s report points to pricing consistency and California insurance reforms as tailwinds for the Mobility segment. He describes Uber’s approach as a “barbell product strategy” — capturing budget riders on one end and premium users on the other.
That balance has helped the company grow trip frequency while pushing into markets where ride-sharing was previously thin.
On Delivery, the analyst flagged the grocery and retail vertical as a key growth driver, with strong international momentum helping Uber gain ground outside the U.S. TD Cowen raised Delivery take rates in the note, reflecting new merchant fees. The firm did lower fiscal 2026 Mobility take rates to account for a UK accounting change, while leaving Mobility EBITDA largely unchanged.
Autonomous Vehicles and Strategic Deals in Focus
Beyond the core business, Blackledge sees Uber as a primary beneficiary of the autonomous vehicle ramp, pointing to the company’s existing AV partnerships as a structural edge.
Citizens also reiterated a Market Outperform rating on Uber recently, citing AI-driven improvements in AV performance as a path toward Level 4 autonomy.
On the deals front, Uber agreed to buy an additional 4.5% stake in Delivery Hero from Prosus for roughly $318 million — a 22% premium to the one-month average price.
Uber is also reviewing a potential acquisition of a controlling stake in Kakao Mobility, with due diligence currently underway.
The company expanded its investment in Lucid Group by $200 million, bringing its total commitment to $500 million as part of Lucid’s $750 million funding round.
The broader Wall Street picture on UBER remains positive. Of analysts who have rated the stock in the past three months, 19 have a Buy and 3 have a Hold. The average 12-month price target sits at $106.24, implying 36.7% upside from current levels.
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