Uber Technologies, Inc. (UBER) reported strong Q4 2024 results, with gross bookings reaching $44.2 billion, a 17.6% y/y increase, surpassing consensus estimates of $43.5 billion. Total revenue also exceeded expectations at $11.96 billion, reflecting a 20.4% y/y growth. However, Wedbush maintains an "Outperform" rating with a 12-month price target of $86, despite Uber's guidance for Q1 2025 being below expectations due to significant FX headwinds. The company anticipates Q1 gross bookings between $42.0 billion and $43.5 billion, with a 5.5 percentage point FX headwind impacting growth.
Wedbush highlights Uber's robust fundamentals, noting, "Uber continues to deliver solid growth and margin expansion," with adjusted EBITDA expected to grow over 30% y/y in the next two years. The report also points to potential risks, including regulatory challenges and increased competition, but remains optimistic about Uber's long-term growth trajectory.
Uber's stock was trading at $66.17, down 5.13% from the previous close of $69.75, as of February 5, 2025, at 8:30 AM.