Key Highlights
- TD Cowen’s John Blackledge maintains Buy rating with $114 price target on Uber (UBER)
- Price target suggests 47% potential upside from current trading level of approximately $77.56
- First quarter gross bookings projected at $52.8 billion, representing 23.4% year-over-year increase
- Company’s dual-tier product approach serves both value-conscious and premium customers
- Analyst consensus strongly bullish: 19 Buy recommendations and 3 Hold ratings over recent three months
On April 21, 2026, TD Cowen’s John Blackledge reaffirmed his bullish stance on Uber, maintaining a Buy recommendation while holding firm on his $114 price objective. Based on the current trading price of approximately $77.56, this valuation suggests potential appreciation of nearly 47%.
The investment firm anticipates first-quarter gross bookings will reach $52.8 billion, marking a 23.4% climb compared to the same period last year, aligning with Street expectations. TD Cowen’s projections also include Q1 EBITDA expansion of 29.6% on a year-over-year basis, positioning near the center of the company’s provided guidance range.
Uber stock has gained 13% after bouncing from its recent bottom of $68.46 recorded on March 27. The ride-hailing giant now commands a market capitalization of $157.8 billion.
According to TD Cowen’s valuation metrics, Uber trades at a forward price-to-earnings multiple of 22.7x, approximately 13.6x on an enterprise value-to-EBITDA basis, with a free cash flow yield of 5.8% based on 2026 projections. The firm anticipates annual earnings per share growth of roughly 28% spanning 2026 through 2031.
Transportation and Food Delivery Fuel Optimistic Outlook
Blackledge’s analysis highlights stable pricing dynamics and California insurance regulatory changes as positive catalysts for the Mobility division. He characterizes the company’s strategy as a “barbell product strategy” — simultaneously appealing to budget-conscious riders and premium-tier customers.
This dual-market positioning has enabled the platform to boost trip frequency while expanding into regions with historically limited ride-sharing penetration.
Regarding the Delivery business, the analyst emphasized grocery and retail categories as significant expansion opportunities, with robust international performance helping Uber strengthen its position in markets beyond North America. TD Cowen increased its Delivery take rate assumptions in the research note, reflecting updated merchant fee structures. The firm modestly reduced its fiscal 2026 Mobility take rate projections to account for a UK accounting adjustment, though Mobility EBITDA estimates remained largely stable.
Self-Driving Technology and Corporate Transactions Take Center Stage
Beyond traditional operations, Blackledge positions Uber as a leading beneficiary of autonomous vehicle deployment, highlighting the company’s established AV partnerships as a competitive advantage.
Citizens recently maintained its Market Outperform stance on Uber, pointing to artificial intelligence-driven advances in self-driving technology performance as a pathway to achieving Level 4 autonomy.
On the strategic transaction front, Uber has committed to purchasing an additional 4.5% ownership position in Delivery Hero from Prosus for approximately $318 million — representing a 22% premium over the one-month volume-weighted average price.
The company is also conducting due diligence on a potential transaction to acquire a controlling interest in Kakao Mobility.
Additionally, Uber expanded its investment in Lucid Group by $200 million, elevating its total pledge to $500 million as part of Lucid’s $750 million capital raise.
The overall Wall Street sentiment toward UBER remains decidedly positive. Among analysts who have published ratings within the past three months, 19 recommend buying while 3 suggest holding. The consensus 12-month price objective stands at $106.24, indicating potential upside of 36.7% from present levels.
