Key Highlights
- TD Cowen’s John Blackledge maintains Buy rating with $114 price target on Uber (UBER)
- Price target suggests 47% potential gain from current trading level of approximately $77.56
- First quarter gross bookings projected at $52.8 billion, representing 23.4% year-over-year growth
- Company employs “barbell product strategy” serving both value-conscious and premium customers
- Analyst consensus leans heavily bullish: 19 Buy recommendations and 3 Hold ratings over recent three-month period
On April 21, 2026, TD Cowen analyst John Blackledge reaffirmed his bullish stance on Uber, maintaining both his Buy recommendation and $114 price objective. Based on the stock’s current trading price near $77.56, this target represents potential upside of approximately 47%.
The investment firm forecasts first quarter gross bookings will reach $52.8 billion, marking a 23.4% increase compared to the same period last year and aligning with Street expectations. Additionally, TD Cowen anticipates Q1 EBITDA will expand 29.6% year-over-year, settling near the center of management’s provided guidance range.
Uber stock has advanced 13% following its recent bottom of $68.46 reached on March 27. The ride-hailing and delivery giant currently commands a market capitalization of $157.8 billion.
TD Cowen values Uber at a price-to-earnings multiple of 22.7 times, approximately 13.6 times EV/EBITDA, and assigns a 5.8% free cash flow yield based on 2026 projections. The firm anticipates earnings per share will compound at roughly 28% annually through the 2026-2031 period.
Transportation and Delivery Segments Fuel Optimistic Outlook
Blackledge’s analysis highlights stable pricing dynamics and California insurance regulatory changes as positive factors supporting the Mobility division. He characterizes Uber’s methodology as a “barbell product strategy” — simultaneously attracting budget-conscious riders while also catering to premium customers.
This dual approach has enabled the platform to boost trip frequency while penetrating markets where ride-hailing services previously had minimal presence.
Regarding Delivery operations, the analyst identified grocery and retail categories as significant expansion opportunities, with robust international performance enabling Uber to strengthen its position in markets beyond the United States. TD Cowen increased Delivery take rate assumptions in their research note, reflecting updated merchant fee structures. The firm did reduce fiscal 2026 Mobility take rate projections to accommodate a UK accounting methodology adjustment, though Mobility EBITDA forecasts remained essentially stable.
Autonomous Technology and Corporate Transactions Under Spotlight
Beyond traditional operations, Blackledge positions Uber as a principal beneficiary of autonomous vehicle deployment, highlighting the company’s current AV collaborations as a competitive advantage.
Citizens recently confirmed a Market Outperform rating on Uber as well, emphasizing AI-powered enhancements in AV capabilities as a pathway toward achieving Level 4 autonomy.
On the transaction front, Uber has agreed to acquire an additional 4.5% ownership position in Delivery Hero from Prosus for approximately $318 million — representing a 22% premium relative to the one-month average trading price.
Uber is also evaluating a possible acquisition of a controlling interest in Kakao Mobility, with due diligence processes currently in progress.
The company increased its investment in Lucid Group by $200 million, elevating its total commitment to $500 million as part of Lucid’s $750 million capital raise.
The overall Wall Street sentiment toward UBER remains decidedly positive. Among analysts who have issued ratings over the past three months, 19 recommend Buy while 3 recommend Hold. The consensus 12-month price target stands at $106.24, indicating 36.7% potential appreciation from present levels.
