Can Uber’s stock keep climbing?

Uber Technologies (Uber Technologies Stock Quote, Chart, News, Analysts, Financials NYSE:UBER) will report third-quarter earnings on Nov. 4 before market open, with expectations for steady bookings growth and margin expansion as investor focus shifts toward automation and cost normalization.

Roth Capital Markets analyst Rohit Kulkarni said in an Oct. 29 report that Uber’s medium-term “robotaxi risk/reward narrative has improved” following Waymo’s launches in Austin and Atlanta and a string of third-party autonomous vehicle partnerships. Still, shares have been rangebound between US$90 and US$100 since early August, as pricing and travel data have been partially offset by the expected 2026 California insurance reform catalyst and new grocery and retail integrations.

“For the shares to grind higher into year-end we believe Uber’s 3Q/4Q bookings and EBITDA should exceed US$49.5 billion/US$53.0 billion and US$2.30 billion/US$2.50 billion, respectively,” Kulkarni said.

Roth maintained a “Buy” rating and US $110.00 price target, implying confidence that Uber can sustain double-digit growth while expanding operating margins. The shares are up about 60% year to date, trading at roughly 18x 2026E EBITDA, near the upper-middle end of their 12-month range.

Kulkarni said the AV rollout remains a key upside lever, with management expected to provide additional disclosure on financing structures, pricing, and deployment timelines. He also noted stability in mobility pricing, supported by moderating insurance costs and trip growth holding near +19% year-over-year. On the delivery side, Uber has deepened its partnerships with Walmart, Best Buy, and Aldi, adding more than 1,000 global retailers and 50,000 storefronts in the U.S. this year.

Leadership changes, including the promotion of Andrew “Mac” Macdonald to president and COO, are positioning Uber toward a “single-threaded” structure that emphasizes cross-platform synergy, Kulkarni said.

Kulkarni said Uber should do US$8.75-billion in Adjusted EBITDA on revenue of US$51.62-billion in fiscal 2025, improving to US$11.83-billion on US$59.76-billion in 2026.

-30-