Uber stock is on pace for its best day ever.
. The stock is on pace for its best day ever since debuting in May.
In its fourth quarter 2019 earnings call Thursday, CEO Dara Khosrowshahi told analysts the company would move its EBITDA profitability target to Q4 2020, sooner than hisaccelerating revenue growth on an annualized basis of 37% up from 30% in the previous quarter. The company beat the Refinitiv consensus estimate of $4.06 billion in quarterly revenue, reporting $4.07 billion.
In notes Friday morning, analysts highlighted the new EBITDA profitability target, with many putting a buy or outperform rating on the stock. Analysts at MKM Partners, who upgraded the stock to a buy rating and moved their price target from $34 to $45, wrote that incremental margins on rides revenue have contributed to the accelerated profitability target.
Raymond James analysts said they "see the narrative changing" on the heels of the new profitability target combined with positive long-term margin targets for Uber's ride-sharing and food delivery businesses.
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