New York, June 26, 2026, 14:05 (EDT)
- Uber climbed roughly 5.2% in Friday afternoon trading, outpacing both SPY and QQQ.
- BTIG said Uber has close to 200 robotaxis in the U.S., not counting Waymo vehicles.
- Waymo put out new data showing 220.6 million rider-only miles through March, giving investors a look at one big rival scale number.
- Uber’s Q2 EBITDA outlook points to the core business as the key factor for valuation, not how many robotaxis it puts on the road in the near term.
Uber Technologies NYSE:UBER was up $3.79 at $76.04 just before 2 p.m. EDT Friday, with the move adding about $7.9 billion in equity value from Thursday’s close on its quoted market cap. The stock’s gain outpaced SPDR S&P 500 ETF Trust (NYSEARCA:SPY), which traded flat, while Invesco QQQ Trust NASDAQ:QQQ slipped 0.6%.
Investors looking at Friday’s move focused less on the headline gain and more on the gap with BTIG’s estimate for Uber’s exclusive autonomous fleet in the U.S. The day’s jump in market value added up to about $39 million for each of BTIG’s estimated 200 exclusive non-Waymo robotaxis operating on Uber’s app.
BTIG’s Jake Fuller is sticking with his Buy on Uber and kept a $100 price target. Fuller said a raft of new autonomous vehicle deals hasn’t really moved investor sentiment. BTIG puts the total number of paid-ride robotaxis in 11 U.S. cities at around 4,100, with about 3,800 run by Alphabet’s NASDAQ:GOOGL Waymo. Uber has about 1,000 robotaxis available in the U.S., according to BTIG, but 800 are Waymo cars and about 500 of those also show up on Waymo’s own app. That leaves just 200 non-Waymo cars that are exclusive to Uber, from Avride in Dallas and Motional in Las Vegas. BTIG thinks Uber’s exclusive AVs won’t get to the thousands mark until 2027 or 2028. Benzinga
Waymo put out updated scale numbers this week. The company said it logged 220.6 million rider-only miles through March 2026, about 90% of them in its three top markets. In a blog post, Waymo said its fleet covers over 4 million miles weekly. Waymo
Citizens kept its Market Outperform rating on Uber and left its $100 price target unchanged after the latest Waymo data. The firm noted Waymo’s rider-only miles climbed by 44.5 million from the last quarter, up 14% quarter-over-quarter and 134% from a year ago. But that growth slowed from Q4, when miles increased 40% on the quarter and 157% year-over-year. Investing.com
Uber’s main business remains the focus for bulls. First-quarter trips were up 20%, with gross bookings up 21% in constant currency. Adjusted EBITDA climbed 33% to $2.48 billion. Free cash flow hit $2.29 billion. Uber expects second-quarter adjusted EBITDA between $2.70 billion and $2.80 billion. CEO Dara Khosrowshahi said Uber One now accounts for “driving half of our Gross Bookings” in both mobility and delivery. CFO Balaji Krishnamurthy said the company is taking a “capital-efficient approach to AVs.” Uber Investor Relations
Uber’s market cap ended Friday at about 14.3 times the annualized midpoint of its Q2 EBITDA forecast. BTIG’s $100 price target is based on a 15-times multiple of projected 2027 EBITDA. Investors are being asked to price in both today’s cash flow and potential upside from autonomous vehicles. Uber Investor Relations
Uber India and South Asia President Prabhjeet Singh has left the company after more than ten years, according to the Times of India, which cited PTI. The company hasn’t picked a replacement yet. India is one of Uber’s largest volume markets, the report said. The Times of India
Uber traded between $67.19 and $101.99 over the past 52 weeks. The stock finished Friday’s rally still 25% off the high and trading 13% above its recent low. google.com
