Why Uber (UBER) Stock Is Up Today

What Happened?

Shares of ride sharing and on-demand delivery platform Uber (NYSE:UBER) jumped 3.3% in the afternoon session after Wells Fargo analyst raised the price target on the company's stock. Wells Fargo analyst Ken Gawrelski reiterated an "Overweight" rating on Uber and increased the price target to $120 from $100, suggesting a potential 24.86% upside from the previous closing price. This bullish outlook from a major financial institution signals confidence in Uber's growth prospects and market expansion potential. The move reflects growing optimism on Wall Street, where the majority of analysts covering the stock maintain a "buy" or equivalent rating.

After the initial pop the shares cooled down to $96.48, up 3.2% from previous close.

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What Is The Market Telling Us

Uber’s shares are very volatile and have had 21 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

Uber is up 52.7% since the beginning of the year, and at $96.48 per share, has set a new 52-week high. Investors who bought $1,000 worth of Uber’s shares 5 years ago would now be looking at an investment worth $2,939.

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