Shares of Uber (UBER) rallied 5.6% during Friday’s afternoon session following Citizens’ reaffirmation of its “Market Outperform” rating alongside a $100 price objective, emphasizing robust expansion linked to Waymo’s increasing presence on Uber’s platform.
At the time of publication, the stock was changing hands at $75.94, representing a 24.1% discount from its 52-week peak of $100.10 reached in October 2025. Year-to-date, Uber shares have declined 8.4%.
The Citizens research team emphasized Waymo’s “rider-only miles” — journeys completed in Alphabet’s self-driving vehicles accessible through the Uber application — as a significant positive indicator. During Q1 2026, Waymo accumulated an additional 44.5 million rider-only miles compared to the previous quarter, representing a 14% sequential increase and a 134% jump from the prior year.
However, the pace of expansion has moderated. During Q4 2025, Waymo’s mileage expanded 40% quarter-over-quarter and 157% year-over-year, indicating a noticeable deceleration. Citizens pointed to supply limitations as Waymo moves from its fifth-generation Jaguar I-PACE fleet to its sixth-generation Ojai vehicles. Public rider trips in the Ojai commenced in May 2026.
San Francisco and Los Angeles represented approximately 55% of Q1 2026 mileage, declining from 62% in Q4 2025. Atlanta appeared in the reporting data for the first time, accounting for 11% of Q1 miles. Additional markets such as Houston, San Antonio, and Orlando have yet to appear in Waymo’s published figures.
Citizens observed that these statistics likely underrepresent actual activity, as emerging markets divert capacity from mature locations while Waymo continues operating under supply constraints.
This wasn’t the sole positive development for UBER during the week. Just two days prior, shares advanced 5.8% after Uber announced the addition of five new retail collaborators to the Uber Eats platform — Kiehl’s, FedEx Office, Blick Art Materials, Academy Sports + Outdoors, and Choice Pet.
On that same trading day, Tigress Financial Partners elevated its price objective on UBER to $115. A regulatory disclosure revealed that U.S. Representative Nancy Pelosi initiated a new bullish position on Uber using long-dated call options. Additionally, Uber unveiled plans with partner WeRide to introduce a commercial robotaxi operation in Zurich, marking its second planned European market entry.
Regarding competitive positioning, Wells Fargo research indicated that Uber’s delivery platform experienced a modest 1% reduction in product pricing and consumer fees — differing from DoorDash, which increased fees by 21% while decreasing product prices by 4%.
Lime, the electric scooter and bicycle sharing company, identified Uber as an anchor investor in its forthcoming IPO.
Investors who allocated $1,000 to Uber five years ago would currently hold approximately $1,486.
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