Uber Technologies, Inc. (UBER) shares slipped about 1% on Friday to around $70, extending a difficult stretch for the ride-hailing and delivery company. The decline landed on the same day Guggenheim reiterated its Buy rating on the stock. Analyst Taylor Manley kept his price target at $125, an outlook that implies roughly 77% upside from current levels.

The stock is down more than 14% this year and now sits closer to its 52-week low of $65.41 than its one-year high of $100.35. The shares have fallen 25% while the S&P 500, the broad benchmark of large U.S. stocks, has gained 16% — an underperformance tied largely to investor concerns about Uber's position in the robotaxi race.

Why Guggenheim Stays Bullish

Manley called Uber a “comp investment opportunity,” pointing to strong fundamentals, a historically low valuation, and a stronger autonomous vehicle roadmap. He noted that few internet companies of Uber's size grow revenue near 20% and profit near 40%, yet the stock trades at a discount to the broader market. Ratings and price targets of this kind are analysts' estimates of a stock's prospects — informed judgments, not guarantees.

In his view, Uber has “meaningfully underperformed the market,” and that gap persists even though 2027 Gross Bookings forecasts are 9% higher than they were a year ago. Gross Bookings, the total dollar value of transactions across Uber's ride-hailing and delivery apps, is the yardstick both the company's forecasts and Wall Street's models are anchored to. Guggenheim's own numbers, he added, imply upside to the sell-side consensus.

Manley also said Uber looks better placed heading into 2027 than it did in 2026 — a small vote of confidence for a stock that has not received many lately.

The Robotaxi Race

According to Manley, Uber's valuation depends mostly on how investors view its place in the autonomous vehicle landscape. He expects AV deployments on the platform to more than double by the fourth quarter of 2027. Those deployment counts have become the scoreboard for Uber's partnership-driven approach, which leans on outside AV operators bringing their fleets onto the Uber app.

The analyst described the space as a “three-horse race” between Waymo, Zoox, and Tesla — a difficult field for Uber. Those three leaders widened their lead in 2026, in part because other rivals rolled out more slowly than expected. Even so, Manley sees a possible boost to sentiment if one of Uber's other AV partners proves to be a “formidable competitor.” Between Bernstein's benchmark of 15 cities with AV deployments by the end of 2026 and Manley's more-than-doubling by late 2027, investors now have concrete checkpoints for judging how the platform argument holds up.

Wall Street Stays Positive

Guggenheim is not alone in backing the stock. Rosenblatt, Citizens, and BTIG have each kept a positive rating with a $100 price target. Wells Fargo raised its target to $92, while Bernstein reiterated an Outperform rating with a $95 target, also pointing to Uber's AV deployments in 15 cities by the end of 2026.

Uber has also been active on the deal front. The company agreed to buy ezCater, a corporate-catering marketplace, in an all-cash deal valued at $2.3 billion, extending its delivery reach beyond restaurants, and BTIG noted that Uber plans to purchase the rest of Delivery Hero, bringing total spending to roughly $13 billion.

Overall, Wall Street holds a Strong Buy consensus on Uber, with 27 Buy ratings and three Holds issued over the past three months. The average price target stands at $102.80, about 46% above the current share price — meaningful optimism by Street standards, though still well short of Guggenheim's $125.