STOCKS | Goldman Sachs Maintains Buy Rating on Uber, Keeps $110 Price Target

Goldman Sachs reiterated its Buy rating on Uber and maintained its $110 price target after the company reported third-quarter results. According to Sina Finance, Goldman Sachs said Uber’s third-quarter ride revenue fell short of expectations, while delivery continued to grow strongly and autonomous vehicle deployments could expand further. Based on Uber’s latest share price of $69.87, the target implies about 57% potential upside. Uber expects the number of autonomous vehicles on its platform to increase from about 700 at the end of 2026 to 2,000 at the end of 2027. A shortage of drivers in some international markets weighed on third-quarter ride revenue, which came in below Goldman Sachs’ and market expectations, but management said the overall ride-business growth trend improved in October. Uber’s third-quarter delivery gross bookings rose 23% year over year, supported mainly by increased activity among Uber One members and higher merchant investment. Grocery and retail gross bookings rose about 40% year over year, while merchants’ annualized spending on advertising and promotions exceeded $10 billion. Goldman Sachs said a larger user base, higher Uber One membership penetration, and a broader range of platform services would continue to support long-term revenue growth and margin improvement.