Evercore ISI has reiterated its Outperform recommendation on Uber Inc. and maintained a $150.00 price target on the shares, signaling continued confidence in the ride-hailing and delivery company's near-term trajectory. The firm notes that this price objective implies roughly an 82% upside from Uber's current trading level of $82.31 and sits above InvestingPro's Fair Value assessment, which characterizes the stock as mildly undervalued.
In its analysis, Evercore emphasized that Uber's core marketplace dynamics remain intact. Supply and demand balances and the broader durability of the company's platform provide a foundation for the favorable view of near-term earnings. Those observations are consistent with Uber's recent financial performance, which includes $49.61 billion in revenue and year-over-year revenue growth of 18.25% over the trailing twelve months.
The research note singles out autonomous vehicle participation as a pivotal determinant of Uber's longer-term upside. Evercore argued that investor sentiment will be most favorable when Uber can demonstrate concrete, multi-partner AV deployments that establish the company as a "durable demand gateway and fleet-utilization partner." The firm pointed to Uber's valuation metrics as additional context: InvestingPro data shows a P/E ratio of 10.48 and a market capitalization of $171 billion, indicating a relatively low earnings multiple that could leave room for upside should AV initiatives materialize.
To translate AV potential into meaningful equity upside, Evercore laid out three specific catalysts it wants to see:
- Announcements of additional AV partners beyond the company's current relationships;
- City-level rollouts that demonstrate operational repeatability and scalability; and
- Evidence that Uber can preserve meaningful economics as autonomous vehicle miles become a larger share of total platform activity.
Evercore's assessment of Uber's financial footing is supported by InvestingPro's health metric, which rates the company at 3.26 and labels that score as "GREAT." The firm views this financial stability as a supportive backdrop for pursuing strategic initiatives in AV and other growth areas.
The note also highlighted a central risk to Evercore's bullish view. If first-party AV networks capture rider demand directly, or if such networks channel volume through competing aggregators more rapidly than expected, Uber's long-term terminal value could be constrained, even if near-term fundamentals remain steady. That risk underscores the importance of Uber securing roles within multi-partner AV ecosystems rather than being sidelined by direct-to-consumer AV services or stronger aggregator competitors.
Investors will have an opportunity to evaluate near-term developments when Uber reports its next quarterly results on February 4, a disclosure Evercore noted could provide additional color on the company's AV positioning and broader performance.
Other analyst activity has clustered around the company in recent days. TD Cowen reaffirmed a Buy rating on Uber, citing robust growth expectations and projecting fourth-quarter gross bookings of $53.1 billion, which would represent a 20.1% increase year-over-year. Guggenheim also maintained a Buy rating and set a $135.00 price target, describing the upcoming earnings release as a chance to reinforce Uber's strong fundamentals. Bernstein continues to carry an Outperform rating while expressing concerns that autonomous vehicle developments could influence Uber's valuation.
By contrast, KeyBanc has trimmed its price target to $105.00, reflecting a more cautious stance tied to AV-related uncertainty. Market attention to these dynamics has been heightened by Tesla's announcement that it is launching Robotaxi rides in Austin without safety monitors, a move that has affected the broader ride-hailing landscape. Against this backdrop, some analysts, including Bernstein, have suggested that Uber's current valuation multiple may be reflecting what they describe as "peak AV fear."
Overall, Evercore's maintained Outperform stance rests on steady marketplace fundamentals, considerable revenue momentum, and a series of AV-related execution milestones the firm would like to see. The path forward for the stock, in Evercore's view, will depend on both the expansion of partner relationships and proof points around operational repeatability and durable economics as autonomous miles scale.