Uber Positioned to Meet Q3 Forecasts Amid Autonomous Vehicle Competition, BofA Securities Says

MT Newswires Live10-29

Uber Technologies (UBER) is positioned to meet Q3 earnings forecasts but must also keep an eye on rising competition from autonomous vehicle networks in 2027, BofA Securities said in a note Wednesday.

Analysts said competition in the US from self-driving ride apps pressured the stock in Q3. The company is set to report Q3 financial results on Nov. 4.

Uber's supply roadmap is expected to be the most important topic during the earnings call, according to the note. Other key topics on the call are the Instacart (CART) acquisition views, rationale for the ezCater deal, and any possible impact from elevated gas prices, the investment firm said.

BofA said it estimates Q3 bookings and revenue at $59.8 billion and $14.7 billion, respectively, both in line with consensus.

For Q4, analysts said they are lowering estimates slightly mainly due to US dollar appreciation, with bookings now forecast at $64.5 billion from $65.1 billion, and non-GAAP earnings per share at $0.99 from $1.01.

BofA Securities kept its buy rating on Uber, with a $101 price target.

Price: 65.44, Change: -0.34, Percent Change: -0.52

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