Truist says mobility and delivery trends tracking ahead of expectations

Investing.com -- Truist raised its price target on Uber (NYSE:UBER) to $92 from $90, citing stronger-than-expected trends in both mobility and delivery. 

The firm noted that “Mobility GBs are tracking in line to slightly ahead of consensus while Delivery GBs are tracking ahead.”

The positive trends reflect a resilient consumer base and ongoing improvements to Uber’s platform, according to Truist. 

The firm’s analysis of Truist Card Data through March 1 is said to suggest that Uber’s Rides and Eats segments are performing better than anticipated.

As a result, Truist increased its estimate for Uber’s total gross bookings (GBs) in Q1 2025 to $43.38 billion, up from a prior estimate of $43.17 billion and exceeding the Street’s $43.06 billion forecast.

Truist also highlighted Uber’s expansion into autonomous vehicle (AV) services, stating that “Uber also rolled out AV service with Waymo this week in Austin, which together with other partnerships position UBER as the natural demand-gen partner for AV players looking to drive adoption, scale and utilization.”

With strong performance across both rides and food delivery, Truist maintains its Buy rating on Uber, citing “a healthy underlying marketplace driven by a resilient consumer, sticky products across both offerings, and ongoing improvements to the platform.”

Looking ahead, the firm remains optimistic about Uber’s ability to sustain growth. 

“Our analysis of the Truist Card Data, which we use as a proxy for both Mobility and Delivery GB growth, indicates that Uber’s Mobility (Rides) GBs along with its Delivery (Eats) GBs are tracking slightly ahead of consensus expectations QTD,” Truist said, reinforcing its confidence in the company’s long-term trajectory.