Guggenheim has lowered its price objective for Uber Technologies Inc. to $125 from $135 while sustaining a Buy recommendation on the shares. The new target sits notably above Uber's recent trading price of $70.53 and below the average analyst high target of $150.
The adjustment reflects several internal model changes that followed the company filing for 2025. In particular, Guggenheim updated its segment-level profit assumptions and revised its view of management's repurchase activity. Those changes led the firm to raise expense expectations in the Delivery segment for 2026 and to increase modeled share buybacks.
Revenue and market composition
Uber's most mature markets - the U.S. and the U.K. - sustained double-digit growth and together contributed roughly 66% of 2025 revenue, according to the filing. That dynamic sits alongside an 18.28% increase in total revenue over the last 12 months, with reported revenue of $52.02 billion for the period.
Guggenheim left its 2026-2027 projections for Gross Bookings, Revenue, and Adjusted EBITDA largely unchanged despite the segment-level and buyback updates.
Cost outlook and buybacks
The firm raised its 2026 Delivery expense forecasts to reflect Uber's announced expansion in the European Delivery market. In parallel, Guggenheim increased its buyback forecasts, citing management's capital allocation stance at current trading levels. Market data indicate that the company has been actively repurchasing shares in recent periods.
Guggenheim's price-target reduction also incorporates a multiple contraction that the firm says is consistent with trends across the broader technology sector.
Corporate activity and partnerships
Uber announced the acquisition of Getir on February 9. The transaction is part of a broader move to expand the company's delivery footprint in Türkiye by taking on Getir's delivery operations. That deal is subject to regulatory approval, covers food, grocery, retail, and water delivery services, and leaves the commercial terms undisclosed. Uber plans to fold Getir and Trendyol Go into its ownership structure while running separate consumer-facing applications.
Separately, the company has broadened strategic relationships in mobility and payments. Uber has partnered with Baidu to test Apollo Go autonomous ride-hailing services in Dubai in cooperation with the city's Roads and Transport Authority. Additionally, the company expanded its work with a global payments processor to support transactions in new regions including the United Arab Emirates, Hong Kong, and the Caribbean, and to extend local acquiring services in Japan, Mexico, New Zealand, and Australia.
Valuation and balance sheet snapshot
At present, Uber trades at a price-to-earnings multiple of 14.97 and carries what the firm describes as a moderate leverage profile, with a debt-to-equity ratio of 0.45. Year-to-date, the shares are down roughly 15% while the S&P 500 has shown near-flat performance over the same interval.
Context for investors
Guggenheim's decision to lower the target price but maintain a Buy rating reflects a combination of slightly less optimistic near-term profitability at the segment level, a higher modeled cost base for European Delivery, and expectations for greater share repurchases. The firm retained its medium-term forecasts for overall bookings and adjusted earnings, suggesting its view of Uber's core growth trajectory remains intact even as valuation multiples have come under pressure.
Investors evaluating the name should weigh the company's solid revenue growth and global expansion plans against the recent share-price weakness and the potential for further multiple compression in technology-related equities.