Key Highlights
- TD Cowen’s John Blackledge maintains Buy recommendation with $114 price objective for Uber (UBER)
- Price objective suggests potential 47% gain from current trading level of approximately $77.56
- First quarter gross bookings projected at $52.8 billion, representing 23.4% annual increase
- Company employs “barbell product strategy” serving both value-conscious and premium customers
- Analyst community consensus shows Strong Buy: 19 positive ratings versus 3 neutral in recent 90 days
On April 21, 2026, TD Cowen’s John Blackledge confirmed his positive stance on Uber, maintaining both his Buy recommendation and $114 price objective. Given the stock’s current trading level near $77.56, this valuation suggests approximately 47% appreciation potential.
For the first quarter, the investment firm anticipates gross bookings reaching $52.8 billion, marking a 23.4% year-over-year increase that aligns with Street expectations. TD Cowen’s Q1 EBITDA forecast shows 29.6% annual growth, positioning near the center of company guidance.
Uber stock has gained 13% following its recent bottom of $68.46 reached on March 27. The ride-hailing giant currently commands a $157.8 billion market valuation.
TD Cowen’s valuation framework places Uber at 22.7 times forward earnings, approximately 13.6 times enterprise value-to-EBITDA, and a 5.8% free cash flow yield based on 2026 projections. The analyst projects earnings per share expanding at roughly 28% compound annual growth through 2031.
Mobility and Delivery Segments Power Growth Narrative
Blackledge’s analysis highlights stable pricing dynamics and California insurance regulatory changes as positive catalysts for Mobility operations. The “barbell product strategy” terminology reflects Uber’s dual focus—serving cost-sensitive riders while simultaneously catering to luxury-seeking customers.
This strategic positioning has enabled the platform to boost trip volume while penetrating markets with historically limited ride-sharing penetration.
Regarding Delivery operations, the analyst emphasized grocery and retail categories as significant expansion opportunities, with robust international performance helping Uber extend its footprint beyond domestic markets. TD Cowen adjusted Delivery take rate assumptions upward in its model, incorporating new merchant pricing structures. The firm reduced fiscal 2026 Mobility take rate estimates due to UK accounting modifications, though Mobility EBITDA projections remained relatively stable.
Autonomous Technology and M&A Activity Generate Interest
Beyond traditional operations, Blackledge positions Uber as a leading beneficiary of autonomous vehicle commercialization, highlighting the company’s established AV collaborations as a competitive advantage.
Citizens recently confirmed a Market Outperform view on Uber, emphasizing AI-powered enhancements in AV capabilities as progression toward Level 4 autonomy.
Regarding corporate development, Uber agreed to acquire an additional 4.5% ownership in Delivery Hero from Prosus for approximately $318 million—representing a 22% premium over the one-month volume-weighted average.
The company is conducting diligence on a potential transaction involving a controlling position in Kakao Mobility.
Uber increased its investment in Lucid Group by $200 million, elevating its total commitment to $500 million within Lucid’s $750 million capital raise.
The collective Wall Street perspective on UBER remains constructive. Among analysts issuing ratings during the previous three months, 19 recommend buying while 3 maintain neutral stances. The consensus 12-month price objective stands at $106.24, indicating 36.7% upside potential from present levels.
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