Key Highlights
- John Blackledge of TD Cowen maintains Buy rating with $114 price target on Uber (UBER)
- Price target represents potential 47% gain from current trading level of approximately $77.56
- First quarter gross bookings projected at $52.8 billion, reflecting 23.4% annual growth
- Company’s dual-tier product approach serves both value-conscious and premium customers
- Analyst community consensus: Strong Buy with 19 Buy recommendations and 3 Hold ratings over last 90 days
On April 21, 2026, TD Cowen’s 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 valuation suggests potential appreciation of approximately 47%.
The investment firm forecasts first-quarter gross bookings reaching $52.8 billion, representing a 23.4% year-over-year increase that aligns with Street expectations. TD Cowen additionally anticipates Q1 EBITDA expanding 29.6% compared to the prior year, positioning near the center of company guidance.
Uber stock has advanced 13% following its recent bottom of $68.46 recorded on March 27. The ride-hailing giant currently commands a market capitalization of $157.8 billion.
TD Cowen’s valuation framework prices 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 firm forecasts annual EPS expansion of roughly 28% through 2031.
Ride-Sharing and Delivery Operations Fuel Optimism
Blackledge’s analysis highlights stable pricing dynamics and favorable California insurance regulatory changes as positive catalysts for the Mobility division. He characterizes Uber’s methodology as a “barbell product strategy” — simultaneously appealing to cost-sensitive riders and luxury-seeking customers.
This dual approach has enabled the platform to increase trip volume while expanding into previously underserved geographic markets.
Regarding Delivery operations, the analyst emphasized grocery and retail fulfillment as a significant growth engine, with robust international expansion helping Uber capture market share beyond domestic borders. TD Cowen increased Delivery take rate assumptions in their analysis, accounting for updated merchant fee structures. The firm adjusted fiscal 2026 Mobility take rates downward due to UK accounting modifications, though Mobility EBITDA forecasts remained essentially flat.
Self-Driving Technology and Corporate Transactions Under Spotlight
Beyond core operations, Blackledge positions Uber as a leading beneficiary of autonomous vehicle deployment, highlighting the company’s established AV collaborations as a competitive advantage.
Citizens recently maintained its Market Outperform stance on Uber, emphasizing artificial intelligence-powered enhancements in AV capabilities as a pathway to Level 4 autonomy.
Regarding corporate activity, Uber committed to purchasing an additional 4.5% ownership position in Delivery Hero from Prosus for approximately $318 million — representing a 22% premium over the trailing one-month average valuation.
Uber is currently evaluating a possible acquisition of majority control in Kakao Mobility, with comprehensive due diligence in progress.
The company increased its investment in Lucid Group by $200 million, elevating its total commitment to $500 million within Lucid’s $750 million capital raise.
Wall Street sentiment toward UBER remains decidedly bullish. Among analysts issuing ratings over the previous three months, 19 recommend Buy while 3 suggest Hold. The consensus 12-month price objective stands at $106.24, indicating potential upside of 36.7% from present levels.
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