Quick Summary
- Citizens maintained its “Market Outperform” designation with a $100 target price for Uber (UBER)
- UBER shares surged 5.6% during Friday’s afternoon trading session, reaching approximately $75.94
- Analyst optimism centered on expanding Waymo autonomous vehicle miles booked through Uber’s app
- Waymo’s cumulative autonomous miles increased by 44.5 million in Q1 2026 versus Q4 2025, representing 134% annual growth
- Despite recent gains, Uber remains down 8.4% in 2026 and trades 24.1% beneath its $100.10 peak from October 2025
Shares of Uber (UBER) experienced a notable 5.6% climb during Friday’s afternoon session following Citizens’ reaffirmation of its “Market Outperform” stance and $100 price objective, emphasizing the company’s sustained momentum linked to Waymo’s autonomous vehicle expansion.
At publication time, the ride-hailing giant was changing hands at $75.94, representing a 24.1% discount from its 52-week peak of $100.10 achieved in October 2025. Year-to-date, the stock has declined 8.4%.
Citizens’ research team highlighted the significance of Waymo’s “rider-only miles” metric—journeys completed in Alphabet’s self-driving fleet accessible through Uber’s application. During the first quarter of 2026, Waymo accumulated an additional 44.5 million rider-only miles compared to the previous quarter, marking a 14% sequential increase and a remarkable 134% jump from the same period last year.
However, growth rates showed signs of moderation. The fourth quarter of 2025 witnessed Waymo miles expanding 40% sequentially and 157% annually, indicating a visible deceleration. Citizens attributed this slowdown to fleet supply limitations as Waymo executes its transition from the fifth-generation Jaguar I-PACE platform to the sixth-generation Ojai model. Public rides in the Ojai vehicle commenced in May 2026.
Geographic Distribution Evolution
San Francisco and Los Angeles combined represented approximately 55% of first-quarter 2026 mileage, declining from 62% during Q4 2025. Atlanta made its debut in quarterly reporting, accounting for 11% of Q1 autonomous miles. Emerging markets such as Houston, San Antonio, and Orlando have yet to appear in Waymo’s disclosed figures.
Citizens emphasized that these statistics likely underestimate actual activity, as launching new markets diverts vehicle supply from mature locations while Waymo continues facing overall capacity constraints.
This week brought multiple positive developments for UBER beyond the analyst note. Just two trading days prior, shares jumped 5.8% following Uber’s announcement of five additional retail partnerships joining the Uber Eats platform—Kiehl’s, FedEx Office, Blick Art Materials, Academy Sports + Outdoors, and Choice Pet.
Additional Growth Drivers
That same session saw Tigress Financial Partners elevate its UBER price target to $115. Regulatory disclosures revealed U.S. Representative Nancy Pelosi initiated a bullish position in Uber utilizing long-term call options. Additionally, Uber announced collaboration with WeRide to introduce commercial robotaxi operations in Zurich, marking its second planned European autonomous vehicle market.
On the competitive landscape, Wells Fargo analysis indicated Uber’s delivery platform experienced a modest 1% reduction in product pricing and customer fees—contrasting sharply with DoorDash, which increased fees 21% while lowering product prices 4%.
Lime, the micromobility provider specializing in electric scooters and bicycles, designated Uber as an anchor investor for its forthcoming initial public offering.
Investors who allocated $1,000 to Uber five years ago would currently hold approximately $1,486 in value.
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