Uber Stock Sees Higher Targets Amid New Ad Push
Analysts Raise Targets for UBER
Uber Technologies (UBER) has recently caught the eye of financial analysts, who have raised their price targets for the company's stock. This comes as the company expands its business, especially in advertising.
Investment firms Stifel and Piper Sandler both increased their price targets for UBER. Stifel raised its target to $85, keeping a "Buy" rating. Piper Sandler also lifted its target to $83, maintaining an "Overweight" rating. These adjustments suggest a positive outlook for the stock.
UBER Expands Ad Business
In a key development, UBER is launching a new advertising solution called "Journey Ads." Aimed at Consumer Packaged Goods (CPG) brands, this offering will be available in the U.S. from Q2 2024. Journey Ads will appear in the Uber and Uber Eats apps, reaching users from ordering to arrival.
This builds on UBER's advertising division, launched in 2022. The division has over 500,000 active advertisers and generated over $900 million in revenue in 2023. UBER aims for this segment to reach $1 billion in revenue by 2024, highlighting its importance to the company's growth.
