Uber Technologies (NYSE:UBER) saw its stock climb approximately 5.2% in Friday afternoon trading, reaching $76.04 and adding roughly $7.9 billion in equity value from Thursday's close. The rally outpaced the broader market, with the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) trading flat and the Invesco QQQ Trust (NASDAQ:QQQ) slipping 0.6%.
Investors focused on the company's strong second-quarter adjusted EBITDA guidance of between $2.70 billion and $2.80 billion, as well as the core mobility and delivery business's performance. CEO Dara Khosrowshahi noted that Uber One now accounts for half of gross bookings across both mobility and delivery segments, underscoring the subscription program's impact.
The rally came despite BTIG's estimate that Uber operates only about 200 exclusive non-Waymo robotaxis in the U.S., primarily from Avride in Dallas and Motional in Las Vegas. BTIG analyst Jake Fuller maintained a Buy rating and $100 price target on the stock, emphasizing that the core business remains the primary valuation anchor for now.
Waymo, Alphabet's (NASDAQ:GOOGL) autonomous vehicle unit, released updated data showing 220.6 million rider-only miles through March 2026, with about 90% of those miles in its top three markets. The fleet now covers over 4 million miles weekly. However, the growth rate slowed from the previous quarter, with rider-only miles increasing 14% quarter-over-quarter compared to 40% growth in Q4.
Citizens kept its Market Outperform rating on Uber with a $100 price target, noting that while Waymo's data shows strong scale, the pace of growth is decelerating. The firm highlighted that Uber's first-quarter trips rose 20% year-over-year, with gross bookings up 21% on a constant currency basis. Adjusted EBITDA grew 33% to $2.48 billion, while free cash flow reached $2.29 billion.
CFO Balaji Krishnamurthy reiterated the company's capital-efficient approach to autonomous vehicles, signaling that near-term robotaxi fleet expansion is not the primary driver of valuation. Uber's market cap ended Friday at approximately 14.3 times the annualized midpoint of its Q2 EBITDA forecast, while BTIG's $100 price target is based on a 15-times multiple of projected 2027 EBITDA.
In other news, Uber India and South Asia President Prabhjeet Singh has departed after more than a decade with the company. India remains one of Uber's largest volume markets, and a successor has not yet been named.
Over the past 52 weeks, Uber shares have traded between $67.19 and $101.99. Friday's rally left the stock still 25% below its high and 13% above its recent low, suggesting room for further upside if the core business continues to deliver strong results.
