UBER Stock Drops After Q1-Spurred Rally, But Wall Street Sees Significant Upside

• While the majority of firms maintained ‘Buy’ or ‘Overweight’ ratings, reactions underscored confidence in Uber’s operational execution. 
• The most bullish update came from TD Cowen, which lifted its price target to $118 from $114 while keeping a ‘Buy’ rating.
• Goldman Sachs took a more measured but still positive stance, describing the Q1 results as “broadly positive.”

Shares of Uber Technologies (UBER) fell 3% on Thursday as investors resorted to profit-taking after the 9% rally on Wednesday, sparked by strong first-quarter earnings.

Following Uber’s solid first-quarter results and upbeat second quarter (Q2) guidance released on Wednesday, several top analysts raised their price targets on the ride-hailing and delivery giant, citing accelerating demand in Mobility and Delivery, margin expansion, and robust share buybacks. While the majority of firms maintained ‘Buy’ or ‘Overweight’ ratings, reactions underscored confidence in Uber’s operational execution despite a modest revenue miss and external headwinds.

Wall Street Bets

The most bullish update came from TD Cowen, which lifted its price target to $118 from $114 while keeping a ‘Buy’ rating. The firm highlighted that Uber’s Q1 bookings and Q2 outlook topped consensus expectations, driven by acceleration in mobility.

Truist also delivered one of the strongest endorsements, raising its target to $112 from $108 and retaining a ‘Buy’ rating. Analyst commentary stood out for its emphasis on execution: the firm noted that Uber’s results reflect “excellent demand across Mobility and Delivery” and that the company is “executing at the very high end of its three-year target for gross bookings CAGR.”

Goldman Sachs took a more measured but still positive stance, lowering its price target to $115 from $125 while keeping a ‘Buy’ rating. The firm described the Q1 results as “broadly positive,” pointing to “accelerating momentum across its mobility and delivery platforms despite external headwinds,” fueled by strong U.S. consumer demand, insurance cost savings, international delivery strength, and growth in non-restaurant categories.

According to data from Koyfin, 46 of the 54 analysts covering Uber rate it ‘Buy’ or higher, while seven rate it ‘Hold’ and one rates it a ‘Sell.’ The 12-month average price target on the stock is $104, representing a potential upside of nearly 31.5% from the last close.

Uber Earnings Snapshot

Uber delivered a standout first-quarter 2026 performance on Wednesday, blending robust demand growth with accelerating profitability that outpaced revenue headwinds. Revenue climbed 14% year-over-year to $13.2 billion, slightly missing consensus estimates due to a roughly 9-percentage-point drag from business model changes, yet gross bookings surged 25% to $53.7 billion, driven by gains across Mobility and Delivery segments and a 17% increase in monthly active users.

Adjusted EPS jumped 44% to $0.72, comfortably beating Wall Street forecasts, while underlying free-cash-flow generation remained robust and the company returned approximately $3 billion to shareholders via buybacks.

For Q2, Uber expects gross bookings of $56.25–$57.75 billion and adjusted EPS of $0.78–$0.82. Uber CEO Dara Khosrowshahi also dismissed the impact of autonomous vehicle companies deploying robotaxis on their own platforms on Uber’s business, noting that there is enough space for multiple players. Uber has partnerships in place with multiple robotaxi companies to deploy robotaxis on its platform.

How Did UBER Retail Traders React?

On Stocktwits, retail sentiment around UBER stayed within the ‘extremely bullish’ territory over the past 24 hours, while message volume remained at ‘extremely high’ levels.

A Stocktwits user raised doubts on Uber’s robotaxi partnerships, opining that some may not pay off.

Another user highlighted the many ‘Buy’ ratings on the stock.

UBER stock has fallen by about 8% over the past 12 months. 

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