Key Highlights
- Citizens maintains “Market Outperform” rating with $100 price objective for Uber (UBER)
- Shares surged 5.6% during Friday’s afternoon trading session, reaching approximately $75.94
- Analyst highlights expansion of Waymo autonomous vehicle miles on Uber’s platform
- Waymo’s cumulative autonomous miles increased by 44.5 million in Q1 2026, representing 134% annual growth
- Year-to-date performance shows UBER down 8.4%, trading 24.1% off its $100.10 peak
Shares of Uber (UBER) experienced a notable 5.6% rally on Friday afternoon following Citizens’ reaffirmation of its bullish stance on the ride-hailing giant, maintaining a “Market Outperform” rating alongside a $100 price objective. The analyst firm emphasized the accelerating growth trajectory of Waymo’s autonomous vehicle integration within Uber’s ecosystem.
At the time of publication, shares were changing hands at $75.94, representing a 24.1% discount from the 52-week peak of $100.10 reached during October 2025. The stock has experienced an 8.4% decline year-to-date.
Citizens’ analysis highlighted the expansion of Waymo’s “rider-only miles”—journeys completed in Alphabet’s self-driving vehicles accessible through Uber’s mobile application—as a significant positive indicator. During Q1 2026, Waymo accumulated an additional 44.5 million rider-only miles on a quarter-over-quarter basis, marking a 14% sequential increase and an impressive 134% year-over-year surge.
However, the data revealed some deceleration. The previous quarter, Q4 2025, saw Waymo’s miles expand by 40% sequentially and 157% annually, indicating a notable slowdown. Citizens attributed this moderation to supply limitations as Waymo executes its transition from the fifth-generation Jaguar I-PACE platform to the newer sixth-generation Ojai vehicle. Public rider operations for the Ojai commenced in May 2026.
Geographic Distribution Evolution
The geographic concentration of Waymo’s operations is shifting. San Francisco and Los Angeles combined represented approximately 55% of Q1 2026 mileage, declining from 62% in the prior quarter. Atlanta made its debut in the quarterly reporting, contributing 11% of total miles. Emerging markets such as Houston, San Antonio, and Orlando have yet to appear in Waymo’s disclosed figures.
Citizens suggested these numbers may underrepresent actual activity, as vehicle deployment to newer markets diverts capacity from established locations during a period of constrained overall supply.
This wasn’t the sole positive development for UBER during the week. Just two days prior, the stock appreciated 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 trading session brought multiple catalysts. Tigress Financial Partners elevated its price objective on UBER to $115. A regulatory filing revealed that U.S. Representative Nancy Pelosi initiated a bullish position on Uber utilizing long-dated call options. Additionally, Uber disclosed plans to collaborate with partner WeRide on launching commercial robotaxi operations in Zurich, marking its second planned European autonomous vehicle deployment.
On the competitive landscape, Wells Fargo data indicated Uber’s delivery service experienced a modest 1% reduction in both product pricing and consumer fees—contrasting sharply with DoorDash, which implemented a 21% fee increase while reducing product prices by 4%.
Lime, the electric scooter and bicycle sharing company, 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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