Uber: Setting the stage for a better AV ground game in 2027; 2 more AV cities announced

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Uber: Setting the stage for a better AV ground game in 2027; 2 more AV cities announced

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Uber

Setting the stage for a better AV ground

game in 2027; 2 more AV cities announced

Maintain Rating: BUY | PO: 104.00 USD | Price: 70.91 USD

A change to the AV narrative in 2027; Buy 18 June 2026

Uber stock has underperformed the S&P since mid-2025, following the Waymo launch Equity

in Atlanta. In addition to a general flow of funds out of Internet growth stocks, we think

Justin Post

the stock has been impacted by AV initiatives by Waymo (more cities, loyalty program) Research Analyst

and Tesla (driverless in Texas), concerns on potential for increasing EV costs (though 2Q BofAS +1 415 676 3547

EBTIDA guidance was above Street ests.), and other, seemingly minor, competitive justin.post@bofa.com

concerns (Dash in Europe, Empower, etc). Looking forward to the next 12 months, we Harvey Qin

think the AV catalyst path is in better position, with Uber potentially launching AV Research Analyst BofAS

services across multiple US and Western European cities. Key announced US/EU +1 917 864 5179

launches include: Las Vegas this Summer (Zoox), London possibly moving to commercial huiyu.qin@bofa.com

service in 3Q/4Q (Wayve using Ford vehicles, broader partnership with Stellantis also

announced), London in 2H (testing with Baidu starting), the Bay Area in 4Q (Lucid/Nuro),

LA later this year (Volkswagen), and now Madrid (announced two weeks ago, expected Stock Data

this year), Houston (just announced) and Zurich (just announced). In our view, if Uber can

Price 70.91 USD

demonstrate the financial viability of competitive robotaxi operations in the US and

Price Objective 104.00 USD

Western European markets, there is potential for stock multiple expansion as Street sees