Analysts are starting to warm up to Uber as a market sentiment turnaround story in 2020, and on Friday it was Doug Anmuth at JPMorgan waxing bullish on the world's leading ridesharing platform. He sees Uber's leadership in both personal mobility and food delivery worldwide resulting in roughly $65 billion in gross bookings last year. Uber's bottom line has been a mess in the past, but he feels that rationalization in the stateside ride-hailing market and stability overseas will win out in the future. He's initiating coverage of Uber with an "overweight" rating. His $51 price target translates into 39% of upside off of Thursday's close, even after this young year's already heady run.

Taking a step back may not be a good look on the surface, but Anmuth believes that rationality is finally starting to make itself known in this niche. Both Uber and Lyft appear to be scaling back on their discounting promotions and shifting their marketing efforts to loyalty products and subscription plans that will keep customers close. An industry that lost billions last year could be profitable on an adjusted basis as soon as next year with Uber leading the way.


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