Key Takeaways
- Citizens maintained its “Market Outperform” rating with a $100 price target for Uber (UBER)
- Shares surged 5.6% during Friday’s afternoon trading, reaching approximately $75.94
- Waymo’s autonomous ride miles through Uber’s platform demonstrated significant expansion
- Q1 2026 saw Waymo’s cumulative rider-only miles increase by 44.5 million quarter-over-quarter, representing a 134% year-over-year jump
- Despite recent gains, UBER remains down 8.4% for the year and trades 24.1% beneath its 52-week peak of $100.10
Shares of Uber (UBER) rallied 5.6% during Friday’s afternoon session following Citizens’ reaffirmation of its “Market Outperform” rating alongside a $100 price target, highlighting robust growth trends associated with Waymo’s autonomous vehicle integration on Uber’s platform.
At the time of observation, UBER was changing hands at $75.94, representing a 24.1% discount from its 52-week peak of $100.10 reached in October 2025. Year-to-date performance shows the stock declining 8.4%.
The Citizens research note emphasized Waymo’s “rider-only miles” — autonomous journeys conducted in Alphabet’s self-driving vehicles accessible through Uber’s application — as a significant positive indicator. During the first quarter of 2026, Waymo accumulated an additional 44.5 million rider-only miles compared to the previous quarter, marking a 14% sequential increase and an impressive 134% year-over-year expansion.
However, the pace of growth has moderated. The fourth quarter of 2025 witnessed Waymo’s mileage expanding 40% sequentially and 157% annually, indicating a visible deceleration. Citizens attributed this slowdown to supply limitations as Waymo navigates the transition from its fifth-generation Jaguar I-PACE fleet to the sixth-generation Ojai vehicles. Public rider trips in the Ojai commenced in May 2026.
Geographic Distribution Evolving
The geographic composition of Waymo’s operations is shifting. San Francisco and Los Angeles represented approximately 55% of first-quarter 2026 miles, down from 62% in the fourth quarter of 2025. Atlanta made its debut in the reporting data, accounting for 11% of Q1 mileage. Emerging markets such as Houston, San Antonio, and Orlando have yet to appear in Waymo’s disclosed figures.
Citizens suggested these numbers likely underrepresent actual activity, as launching new markets diverts supply from established locations while Waymo continues facing overall capacity constraints.
This wasn’t the sole positive development for UBER during the week. Just two days prior, shares gained 5.8% following Uber’s announcement of five additional retail partners joining the Uber Eats platform — Kiehl’s, FedEx Office, Blick Art Materials, Academy Sports + Outdoors, and Choice Pet.
Additional Growth Drivers Emerge
On that same day, Tigress Financial Partners elevated its UBER price target to $115. A regulatory filing revealed that U.S. Representative Nancy Pelosi established a fresh bullish position in Uber using long-dated call options. Additionally, Uber unveiled plans with partner WeRide to introduce a commercial robotaxi service in Zurich, marking its second planned European autonomous vehicle deployment.
Regarding competitive dynamics, Wells Fargo data indicated Uber’s delivery platform experienced a modest 1% reduction in product prices and consumer fees — standing in contrast to DoorDash, which increased fees by 21% while decreasing product prices by 4%.
Lime, the electric scooter and bike-sharing company, announced Uber as an anchor investor in its forthcoming initial public offering.
Investors who allocated $1,000 to Uber five years ago currently hold approximately $1,486 in value.
