Uber Stock Ready to Ride Higher on Waymo Partnership

Core Insights - Uber Technologies Inc. is facing pressure to maintain its growth trajectory as it has reached a size where sustaining double-digit growth becomes challenging [1][2][3] - The company is exploring a partnership with Waymo to potentially reignite its growth phase and address investor concerns [3][6][7] Financial Performance - Uber's current stock price is $89.00, with a P/E ratio of 19.52 and a 52-week range between $54.84 and $93.60 [2] - The 12-month stock price forecast for Uber is $93.91, indicating a potential upside of 5.51% [8] - Institutional investment in Uber has seen significant inflows, with $6.1 billion in the most recent quarter and $11 billion in the previous quarter, reflecting growing confidence in the company's future [9][10] Market Dynamics - The partnership with Waymo could enhance Uber's service offerings by allowing consumers to choose between Waymo's autonomous rides and traditional Uber drivers, potentially increasing market share [6][7] - Analysts have a Moderate Buy rating on Uber, with some projecting a price target increase to $110, suggesting a potential rally of 25.3% from current levels [11][12] Growth Potential - Uber's stock has shown a one-year performance increase of up to 36.7%, and it is currently trading at 94% of its 52-week high, making it an attractive option for momentum investors [8] - Continued positive quarterly performance could lead to further institutional buying, creating a cycle of upward momentum for Uber's stock [13]