JPMorgan Hikes Its Price Target on UBER Stock, Citing Autonomous-Vehicle Catalysts

JPMorgan increased its price target on Uber Technologies Inc (UBER) to $105 from $92 while keeping an Overweight rating on the name.

The bank expects UBER to get a lift from its increasing involvement in the autonomous-vehicle space.

JPMorgan's Take on Uber Technologies Inc (UBER)'s Alliances With Autonomous-Vehicle Firms

After meeting with Uber's management, the bank reports that the company's alliance with Alphabet's (GOOG,GOOGL) Waymo is expected to generate improved utilization rates going forward. Moreover, the partnership may expand, JPMorgan reported.

Uber is likely to talk more about its utilization of autonomous vehicles as its activity in this area increases and as its pilot program with Waymo in Austin produces positive data, the bank believes.

Further, Uber Technologies Inc (UBER) is likely to generate more revenue from autonomous-vehicle companies going forward due to its attractiveness as a partner to these firms, JPMorgan suggested.

The Recent Price Action of UBER Stock

In the last month, the stock has gained 25%, while the shares have added 14% in the last three months.

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Disclosure: None. This article is originally published at Insider Monkey