Oppenheimer on $UBER (-0.14%)
(Outperform; PT $85): "U.S. ride growth concerns and Robotaxi fears have created an attractive buying opportunity, with shares down 23% since earnings versus NASDAQ's +4%, despite 17%/30% revenue/EBITDA CAGR from 2024E to 2026E and the stock trading at 11.5x 2026E EBITDA.

This report highlights significant cost hurdles for Robotaxi adoption. Near term, Uber should retake lost U.S. Mobility share as it implements higher insurance costs one quarter ahead of Lyft and deploys more aggressive incentives. Longer term, Uber will benefit in a market with multiple Robotaxi providers as the leading matching/logistics platform, leveraging lower costs to serve and higher utilization rates.

Assuming Robotaxi meaningfully lowers costs for consumers—despite technological and regulatory uncertainties—Uber and Robotaxi penetration into the cost of car ownership (currently at 2%) could grow substantially. Even with a 50% reduction in take-rate (below online travel levels), this could still drive more than 2x revenue growth."