US Stocks: Top 3 Reasons To Buy Uber (UBER) Stock Now

The US stock market continues to surprise its investors by supporting diverse stocks and shares in the domain.

Uber Technologies, a reputed multinational transportation company, is the current rage of the stock market, with its rising metric signaling a solid buy call across the board. Let’s explore three prominent reasons Uber Stocks should be your next best bet.

Also Read: Can Uber Stock Cruise to $100 After Q3 Earnings?

Uber Stock: Why You Should Buy?

Source: Reuters

1. Positive Q3 Report

Uber Technologies has had a wonderful 2024, with its stock reporting upticks for straight 52 weeks. Its share values have been up by 86%, showcasing the mettle of the transportation company and its successful hold in the aforementioned domain. One of the primary reasons to buy Uber stock is the speculation regarding its positive Q3 report, which is set to be revealed sometime soon.

With stiff competition surrounding the company, its stocks have remained consistent and have risen dramatically to $87 post Tesla’s Robotaxi launch. This exodus might be dubbed a lack of innovation that Tesla failed to showcase in its recent Robotaxi launch, causing investors to explore Uber holistically.

2. Analyst Suggests Strong Buy Call

Leading JP Morgan analyst Doug Anmuth has recommended Uber Stocks, adding how it may soon hit a target price of $95 and encouraging investors to explore the stock in the market. Anmouth shared how the firm’s plan to expand its advertising business towards Uber Eats and Grocery can also be a game changer for its stock in the long haul.

“Uber can add value to AV tech providers by driving higher demand/utilization. And building out the AV ecosystem through fleet operations,” Anmuth said, based on discussions with management.

Also Read: Telsa (TSLA) Q3 Earnings to Arrive This Week: What to Expect

3. TipRanks Ranking For The Stock

Uber’s Tipranks forecast is also quite stunning. The portal suggests that Uber Technologies stock is up for a high, which it may claim soon. With speculation of Uber taking over Expedia, its stock is currently the latest talk of the share market.

Image: TipRanks

“Based on 31 Wall Street analysts offering 12-month price targets for Uber Technologies in the last 3 months. The average price target is $89.31 with a high forecast of $100.00 and a low forecast of $77.00. The average price target represents a 20.79% change from the last price of $73.94. The stock’s analyst rating consensus is a strong buy. This is based on the ratings of 31 Wall Street analysts.”

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