Uber Inc. (UBER) PT Lowered to $45 at Mizuho Securities Following 3Q

Mizuho Securities analyst James Lee lowered the price target on Uber Inc. (NYSE: UBER) to $45.00 (from $50.00) while maintaining a Buy rating following the company's 3Q. The company expects to be EBITDA positive in FY21, a year ahead of expectations. ANR beat consensus modestly and EBITDA exceeded meaningfully.

ANR growth accelerated 7 points to 23% YoY, compared to 16% ex-one-time items in 2Q19 and a consensus of 15.0% YoY. EBITDA came in at -$585m vs -$828m consensus due mostly to leverage in COGS and R&D. Management pointed to continued efficiency in insurance, payments and R&D.

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