BUZZ-BofA cuts Uber PT on rising forex pressure, insurance costs
BofA Global Research cuts PT on Uber UBER.N to $93 from $96, citing foreign exchange pressure and rising auto insurance costs
Brokerage says FX rates have improved from the peak of U.S. dollar appreciation but remain a significant headwind
"We would expect Uber to try to pass this through to consumers, but the market may be less receptive given already large increases to high insurance-cost states like California and New Jersey in 2024," brokerage says
Brokerage says a potential labor market squeeze from President Donald Trump's immigration policies may also weigh
New PT represents 35.2% upside to stock's last close
Uber, set to release its Q4 earnings next week, has beat adjusted EPS estimates for the last two quarters
49 of 56 brokerages rate stock "buy" or higher, and 7 "hold"; median PT is $90 - LSEG data
Stock fell 2% in 2024, compared with a 23% increase in S&P 500 index .SPX
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