Uber Technologies Inc. to Stop Food Delivery Services in Italy and Depart Israel Market

Uber Technologies Inc Stock Forecast:

According to a stock forecast from 33 analysts, the average target price for Uber Technologies Inc over the next 12 months is USD 47.60. The analysts’ average rating for the stock is Strong Buy. However, Stock Target Advisor‘s own analysis of Uber Technologies Inc suggests a Bearish outlook, based on 2 positive signals and 6 negative signals. The last closing price for Uber Technologies Inc’s stock was USD 41.27. Over the past week, the stock price has increased by +5.85%, over the past month by +7.33%, and over the last year by +95.69%.

Uber Technologies Inc. News:

Uber Technologies Inc. has recently announced its decision to shut down its food delivery operations in Italy and exit the market in Israel. These strategic moves align with the company’s efforts to concentrate on markets that offer prospects for sustainable growth, according to a spokesperson.

Uber CEO Dara Khosrowshahi has been vocal about the company’s strategy to invest solely in markets where it can establish itself as the leading or second-largest player. With this in mind, the decision to withdraw from Italy and Israel reflects Uber’s commitment to focusing its resources on markets where it can achieve substantial market share and drive long-term success.

In Italy, the closure of Uber’s food delivery business will impact approximately 50 Uber employees, as well as thousands of non-employee couriers and restaurants. The company heavily relies on self-employed contractors for its delivery service model, which has been a key aspect of its business model across various markets.

The move comes as a result of Uber’s evaluation of its performance and potential in the Italian market. While the company has undoubtedly made an impact in the global ride-hailing industry, it has faced challenges in establishing a significant market presence in Italy’s competitive food delivery sector. In light of this, Uber has opted to redirect its resources and efforts toward markets that offer greater opportunities for growth and market dominance.

Recent Analysts Coverage Changes:

  • Truist Financial (RANK #33)  maintained a “Buy” rating for Uber Inc., and raised the target price  to $63 from $60 on June 12th, 2023.
  • STA Research(RANK #59) maintained a “Hold” rating for Uber Inc., with a target price of $38 on June 9th, 2023.
  • Loop Capital Markets (RANK #44) raised the target price for Uber Inc.  to $48 from $42 on June 9th, 2023.
  • Wells Fargo & Company (RANK #11) initiated coverage on Uber Inc. with an “Overweight” rating and a target price of $50 on June 8th, 2023.

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