Uber price target lowered to $80 from $85 at RBC Capital

RBC Capital lowered the firm’s price target on Uber to $80 from $85 and keeps an Outperform rating on the shares. The firm notes that Uber’s Q1 was a bit messy relative to expectations. EBITDA results/guidance were fine but bookings softness in Q1/Q2 guide will likely raise questions about how much, if any, upside there is to recently given three-year targets. Management had said post analyst day to not expect as much upside relative to prior targets – this report will likely reinforce that view, RBC adds. Bigger picture, the firm believes Uber remains undervalued trading at 13-times EV/the company’s 2026 EBITDA target.