BoA Securities analyst Justin Post maintained a Buy rating on Uber Technologies Inc (NYSE:UBER) with a price target of $115 on Monday.
Post reiterated a bullish view on Uber ahead of its second-quarter earnings report on Aug. 6. It expects solid outperformance driven by strong Mobility and Delivery trends, favorable foreign exchange tailwinds and early signs of success in autonomous vehicle partnerships.
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The analyst raised his second-quarter gross bookings forecast to $47.1 billion, 2% above the Street’s $46.4 billion. Revenue and adjusted EBITDA projections are at $12.56 billion and $2.12 billion, both slightly above consensus. He expects constant currency (CC) bookings growth of 19% year-over-year, ahead of the 18% consensus, supported by accelerating U.S. consumer spending and stronger international results, which are boosted by FX improvements.
In Mobility, Post projects 20% Y/Y CC growth, which is in line with first-quarter trends, and highlights accelerating transit spending, as seen in BAC aggregated card data. Although U.S. travel demand remained weak, he expects a recovery in the second half of 2025 to support future growth. He also pointed to Uber’s expanding autonomous vehicle ecosystem, citing partnerships with Lucid Group, Nuro, Baidu and Wayve, and noted that Uber’s Autonomous Vehicles (AV) operations in Atlanta and Austin are likely gaining traction.
For Delivery, Post forecasts 19% Y/Y growth excluding FX, slightly accelerating from the first quarter. He credits strong adoption of Uber One and new perks launched in the second quarter — such as 10% credits on Uber Rent and Lime rides and exclusive “Member Days” deals with major brands — as key drivers of membership and delivery volume growth. He also sees ongoing strength in Uber’s Advertising business, which grew 60% Y/Y in the first quarter.
Post expects the upcoming acquisition of Trendyol GO in Turkey to add another point to Delivery growth once it closes in the second half of 2025. He projects third-quarter bookings in the $47.25 billion–$48.75 billion range, implying 17% Y/Y growth at the midpoint and slight FX headwinds. His EBITDA forecast for the third quarter is $2.26 billion–$2.36 billion, bracketing consensus and implying a 9.7% incremental margin at the midpoint.
For full-year 2025, Post raised estimates to $190 billion in gross bookings, $51.1 billion in revenue, and $8.62 billion in EBITDA, all above Street expectations. He sees continued investment in Uber One and new product initiatives supporting medium-term growth.
Despite a 44% year-to-date stock gain, Post views Uber’s valuation as attractive. It trades at 17 times EV/EBITDA versus its four-year average of 22 times and 18 times free cash flow, well below FANG (Facebook parent Meta Platforms, Amazon, Netflix and Google parent Alphabet) peers’ 43 times. He sees room for upside with an expected 2026 bottom-line growth rate of 26% versus 19% for FANG. The easing of AV-related overhang and Uber’s minimal exposure to import tariffs further support his positive stance.
UBER Price Action: UBER stock is up 1.10% at $87.89 at publication on Monday.
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