Uber Investors Cautious Ahead of Q4 Results Amid Robotaxi Concerns, Oppenheimer Says

MT Newswires Live01:19

Uber Technologies (UBER) investors remain cautious ahead of its Q4 results amid Robotaxi concerns, though in-line results, especially around mobility, should drive the stock higher, Oppenheimer said in a note e-mailed Monday.

The ride-hailing giant is scheduled to report Q4 results Wednesday. Oppenheimer expects earnings of $0.45 a share on revenue of about $11.81 billion.

"We believe Robotaxi will be a [total addressable market] expander for Uber assuming Tesla (TSLA) does not become the only full self-driving company and believe Tesla Robotaxi enthusiasm will fade without meaningful improvement over the next 12-18 months," Oppenheimer analysts, including Jason Helfstein, said in a note to clients.

The brokerage reiterated Uber as its "best idea heading into Q4 results," but acknowledged the risk around Robotaxi update, the analysts said.

Oppenheimer has an outperform rating on the stock, with an $85 price target

Uber shares were up more than 2% in recent trading.

Price: 68.52, Change: +1.67, Percent Change: +2.50

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