What's In Store For Uber In Q2? Analyst Sees 21% Bookings Growth - Uber Technologies (NYSE:UBER)

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BofA Securities analyst Justin Post reiterated a Buy rating on Uber Technologies, Inc. UBER, with a price forecast of $87. The company will hold its quarterly conference call on Tuesday, August 6th, to discuss its second quarter 2024 financial results. The analyst projects stable 21% growth in bookings excluding foreign exchange, with total bookings, revenue, and EBITDA expected to reach $39.7 billion, $10.6 billion, and $1.52 billion, respectively. BAC aggregated credit & debit card data suggests stable second-quarter mobility growth trends and improving growth in Online Restaurants following a soft April. While macro weakness is a risk for Uber Delivery, increasing penetration & New Verticals growth should help offset, the analyst adds. Also Read: Uber And BYD Team Up For Electric Future,100K EVs To Hit The Road Per the analyst, Uber plans to emphasize recent positive developments to boost sentiment: 1) Delay of its robotaxi event indicates early development stages (competition angle); 2) Costco Wholesale Corporation‘s COST delivery partnership with Uber is expected to drive growth; 3) Uber’s settlement with MA regulators and favorable California court ruling on Prop 22. For the third quarter, the analyst sees that comps are tougher, and with data suggesting cracks in lower-income restaurant & travel spending and Freight weakness, the analyst projects some year over year deceleration, and lower bookings to $41.2 billion from $41.7 billion. For the third quarter guidance, the analyst projects a bookings guidance range of $40.0 billion-$41.5 billion (vs. Street at $41.3 billion) and EBITDA of $1.56 billion-$1.64 billion. Price Action: UBER shares are trading higher by 2.8% to $64.86 at last check Wednesday. Photo by Daniel Fung on Shutterstock Read Next: