Key Takeaways
- 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% annual growth
- Company’s dual-market product approach serves both economy-conscious and premium customers
- Analyst consensus leans bullish: 19 Buy recommendations and 3 Hold ratings over the last three months
On April 21, 2026, TD Cowen analyst John Blackledge maintained his Buy recommendation on Uber, reaffirming his $114 price objective. The target represents approximately 47% potential appreciation from the stock’s current trading price near $77.56.
Blackledge’s firm forecasts first quarter gross bookings reaching $52.8 billion, marking a 23.4% increase compared to the prior year period and aligning with Street expectations. The analysis also anticipates Q1 EBITDA advancing 29.6% year-over-year, positioning near the center of company guidance.
Uber stock has advanced 13% after establishing a recent bottom at $68.46 on March 27. The ride-hailing and delivery company commands a market capitalization of $157.8 billion.
TD Cowen values Uber at 22.7 times forward earnings, approximately 13.6 times enterprise value to EBITDA, and assigns a 5.8% free cash flow yield based on 2026 projections. The firm anticipates earnings per share expanding at roughly 28% annually through 2031.
Mobility and Delivery Segments Power Growth Outlook
Blackledge’s analysis highlights stable pricing dynamics and California insurance regulatory changes as positive factors for the Mobility business. He characterizes the company’s strategy as serving both ends of the market spectrum—providing options for cost-sensitive riders while simultaneously catering to premium customer preferences.
This dual approach has enabled the platform to increase trip volume while expanding into geographic areas with historically lower ride-sharing penetration.
Regarding Delivery operations, the analyst emphasized grocery and retail categories as significant expansion opportunities, with robust international performance helping Uber extend its reach beyond domestic markets. TD Cowen increased its Delivery take rate assumptions in the research note, incorporating updated merchant fee structures. The firm adjusted fiscal 2026 Mobility take rates downward to reflect a UK accounting modification, though Mobility EBITDA projections remained essentially stable.
Autonomous Vehicle Partnerships and Corporate Transactions Under Spotlight
Looking beyond traditional operations, Blackledge positions Uber as a leading contender to capitalize on autonomous vehicle deployment, highlighting the company’s established AV collaborations as a competitive advantage.
Citizens recently maintained a Market Outperform stance on Uber, pointing to artificial intelligence enhancements in AV capabilities as a pathway toward Level 4 autonomous operation.
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 30-day average trading price.
The company continues evaluating a possible acquisition of majority control in Kakao Mobility, with due diligence procedures ongoing.
Uber increased its investment in Lucid Group by $200 million, elevating its total participation to $500 million within Lucid’s $750 million capital raise.
Wall Street sentiment toward UBER remains favorable overall. Among analysts issuing ratings during the past three months, 19 recommend Buy while 3 assign Hold ratings. The consensus 12-month price objective stands at $106.24, indicating 36.7% potential appreciation from present levels.
