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MoneyUber Rises Above IPO Price for First Time After 4-Day Rally

22:15  05 june  2019
22:15  05 june  2019 Source:   msn.com

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Uber Technologies Inc. rose above its initial public offering for the first time on Wednesday as more analysts continued to take a bullish view The firm initiated coverage of Uber with an outperform rating and price target, in anticipation of core platform contribution turning positive and growing in

(Bloomberg) -- Uber Technologies Inc. rose above its initial public offering for the first time on Wednesday as more analysts continued to take a NEW YORK — Uber is continuing to bleed money even as it posts dramatic revenue growth. In its first financial report since its lacklustre debut on Wall

Uber Rises Above IPO Price for First Time After 4-Day Rally© Photographer: Bloomberg/Bloomberg A London street map sits on a smartphone using the Uber Technologies Inc. ride-hailing service smartphone app in this arranged photograph in London, U.K., on Friday, Dec. 22, 2017. Uber will be regulated in European Union countries as a transport company after the bloc's top court rejected its claim to be a digital service provider, a decision that could increase legal risks for other gig-economy companies including Airbnb.

(Bloomberg) -- Uber Technologies Inc. rose above its $45 initial public offering for the first time on Wednesday as more analysts continued to take a bullish view of the ride-hailing giant.

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Uber Technologies Inc. rose above its initial public offering for the first time on Wednesday as more analysts continued to take a bullish view of the ride-hailing giant. Continue reading this story with a subscription to DealStreetAsia.

Over the past decade, Uber changed urban transportation, disrupted entrenched taxi industries, defied regulators the world over and beat back questions about The ride-hailing giant’s first day of trading on the New York Stock Exchange began with a drop from its initial public offering price of , and

Uber gained as much as 6.8%, extending the stock’s rally to a record four days. Raymond James joined a growing list of analysts who are optimistic about the company’s prospects after the expiration of a quiet period for Uber’s underwriters ended on Tuesday. The firm initiated coverage of Uber with an outperform rating and $50 price target, in anticipation of core platform contribution turning positive and growing in 2020.

Uber Rises Above IPO Price for First Time After 4-Day Rally© Photographer: Victor J. Blue/Bloomberg Th Uber Technologies Inc. car service application

"Investors have focused heavily on Uber’s take rate and Core Platform contribution pressure," analysts Justin Patterson and Aaron Kessler wrote. "As competitive pressures in North America and Latin America ridesharing ease, Uber’s Core Platform contribution should turn positive once more and growth should re-accelerate."

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Uber Technologies Inc. continued its rally on Wednesday as more analysts continued to take a bullish view of the ride-hailing giant. Slack slumps after first report comes with tepid growth outlook. The stock rose 6.7 per cent, above its US IPO price , and gaining for a record four days .

More than a month after ride-hailing giant Uber Technologies Inc. made its public debut, the company's stock finally closed above its Prior to Thursday, Uber 's highest close had been exactly at its IPO price , on June 5. The 6.2% gain in Thursday trading marked the second-largest single- day

Of the 30 analysts tracked by Bloomberg that cover Uber, 23 have the equivalent of a buy rating and none recommend avoiding the stock.

(Updates shares in second paragraph, adds analyst ratings in fourth.)

To contact the reporter on this story: Jeran Wittenstein in San Francisco at jwittenstei1@bloomberg.net

To contact the editors responsible for this story: Brad Olesen at bolesen3@bloomberg.net, Scott Schnipper

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

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