Overview
Cantor Fitzgerald has trimmed its 12-month price target on Uber Inc. to $92.00 from $99.00 while preserving an Overweight rating on the shares. The new target sits near InvestingPro's Fair Value estimate, indicating the shares may be near an appropriate valuation at present.
Q4 performance and near-term guidance
The revision follows Uber's fourth-quarter results. The company reported gross bookings that exceeded consensus estimates by 2% and delivered EBITDA largely in line with expectations. Within the business mix, gross bookings in the ride-sharing, or Mobility, segment held steady while the Eats, or Delivery, division accelerated by two percentage points versus recent trends. For the last twelve months Uber recorded $6.3 billion in EBITDA and generated $52 billion in revenue - an 18.3% increase year over year.
For the first quarter outlook, Uber guided to foreign-exchange-neutral (FXN) gross bookings growth of 17-21%, a range consistent with its recent performance. Management projected first-quarter adjusted earnings per share of $0.65-0.72 or EBITDA of $2.42 billion. At the midpoint, the EBITDA margin corresponds to roughly 4.6%, which Cantor Fitzgerald notes is about 1 percentage point below prior street estimates.
Analyst expectations and revisions
InvestingPro data included in the research note shows analysts are forecasting EPS of $3.26 for fiscal year 2026. Cantor Fitzgerald observed that five analysts have recently trimmed their earnings forecasts, signaling some downward revision pressure among coverage.
Valuation methodology change
The updated price target reflects a change in valuation approach. Cantor Fitzgerald applied a blended multiple averaging 22x FY26E/FY27E GAAP EPS to derive the $92 target. This replaces the firm's prior method, which used a 16x FY26E/FY27E EV/EBITDA multiple. Cantor Fitzgerald continues to characterize Uber's fundamental outlook for 2026 as strong, supported by favorable growth tailwinds, even as it adjusts valuation mechanics.
At current market levels the company is trading at a price-to-earnings ratio of 15.6x and an enterprise-value-to-EBITDA multiple of 24.1x. Uber has been profitable over the last twelve months and reported a return on equity of 41% for that period.
Views on autonomous vehicles and strategic moves
Cantor Fitzgerald noted that Uber used its earnings call to correct several misconceptions about its competitive position in autonomous vehicles. However, the firm emphasized that debates about AV leadership and competitive dynamics are unlikely to be settled quickly. The analyst firm underscored that Uber remains a major player in the Ground Transportation industry, with a market capitalization of $156.3 billion, and retains a strong competitive position despite recent share price volatility.
Operationally, the company announced a plan with WeRide to introduce 1,200 robotaxis across Abu Dhabi, Dubai, and Riyadh by 2027. Cantor Fitzgerald described the deployment as the largest robotaxi commercial commitment announced in the Middle East to date, with vehicles to be accessible through the Uber app. The rollout is contingent on receiving required regulatory approvals and meeting performance milestones.
Broader analyst reactions
Other sell-side analysts continue to express mostly positive views. TD Cowen, Stifel, and Susquehanna have all reiterated Buy or Positive ratings and maintained price targets of $114, $105, and $110, respectively. Benchmark left a Hold rating in place, citing strong consumer growth and cross-platform adoption as positives despite market volatility.
Note: The information above summarizes Cantor Fitzgerald's updated target and commentary, company-reported results and guidance, and the contemporaneous analyst landscape as presented in the research note.