[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  DonCorleone77 [@CorleoneDon77](/creator/twitter/CorleoneDon77) on x 5454 followers Created: 2025-07-17 00:57:52 UTC $UBER Attached is page X of a 7-page Citizens analyst report on UBER issued yesterday entitled: "Uber Partners with Baidu's Apollo Go, Suggesting Global AV Competition Is Likely Stable" Citizens has a 'Market Perform' rating on UBER without a price target. Citizens' 'Investment Highlights' regarding UBER in the report includes the following: "This morning, Uber and Baidu announced a strategic partnership that will deploy thousands of autonomous vehicles from Baidu’s Apollo Go on Uber’s network as Uber’s supply of AV partners continues to expand, lessening the risk that an AV provider can replace Uber’s global network of human and AV drivers, a key concern for us over the last year. We continue to believe a direct-to-consumer relationship for AV providers is extremely valuable given the cost to AV providers of the ongoing revenue share back to Uber (and other transportation networks), greater control over the consumer experience, and optionality to launch additional products (e.g., food delivery and advertising). However, we acknowledge that Uber’s partnership strategy effectively means that AVs that choose to build their own network (Waymo, Zoox, and Tesla in the U.S.) are effectively competing to manufacture enough supply to generate a scaled national network ahead of other AVs that will be on Uber’s network. We ultimately believe that AVs will continue to take share given their better consumer experience and cost advantages over time, but Uber has executed on its partnership strategy exceptionally well as we believe it is now a net winner from AVs as the technology can expand the ride-sharing market by reducing the cost of rides. To that end, our Market Perform rating has evolved to now be more valuation based than due to the risk of the transition to AVs. -- Transition our Market Perform rating to be valuation based: Given the strong execution of Uber’s AV partnership strategy, we believe AVs are not a threat to Uber long term as it enables a hybrid network of AVs and human drivers and ultimately allows AVs to bring down the cost of ride sharing over time and for the TAM to expand. However, with shares trading at 17.8x our 2026E EBITDA of $11.3B (18.7% margin), we believe Uber’s growth is now fully captured in valuation as we view shares as fairly valued. -- Investment Risks: 1) Whether Uber can attract more users to its Mobility and Delivery businesses, in what remains a highly competitive market that may cause sales and marketing incentives to ramp. 2) Uber continues to invest in the business and deliver adj. EBITDA losses and while Mobility is now adj. EBITDA profitable, Uber remains in investment mode for its growing Delivery business. 3) Regulatory risk and added costs of operations with the recent adoption of Prop-22 in California and the potential for similar measures to be adopted by more states." (Page X is not available here as X does not allow me to post pages from reports on this platform) XXX engagements  **Related Topics** [$9888hk](/topic/$9888hk) [baidu](/topic/baidu) [investment](/topic/investment) [$uber](/topic/$uber) [stocks technology](/topic/stocks-technology) [Post Link](https://x.com/CorleoneDon77/status/1945649117281276372)
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DonCorleone77 @CorleoneDon77 on x 5454 followers
Created: 2025-07-17 00:57:52 UTC
$UBER
Attached is page X of a 7-page Citizens analyst report on UBER issued yesterday entitled:
"Uber Partners with Baidu's Apollo Go, Suggesting Global AV Competition Is Likely Stable"
Citizens has a 'Market Perform' rating on UBER without a price target.
Citizens' 'Investment Highlights' regarding UBER in the report includes the following:
"This morning, Uber and Baidu announced a strategic partnership that will deploy thousands of autonomous vehicles from Baidu’s Apollo Go on Uber’s network as Uber’s supply of AV partners continues to expand, lessening the risk that an AV provider can replace Uber’s global network of human and AV drivers, a key concern for us over the last year.
We continue to believe a direct-to-consumer relationship for AV providers is extremely valuable given the cost to AV providers of the ongoing revenue share back to Uber (and other transportation networks), greater control over the consumer experience, and optionality to launch additional products (e.g., food delivery and advertising).
However, we acknowledge that Uber’s partnership strategy effectively means that AVs that choose to build their own network (Waymo, Zoox, and Tesla in the U.S.) are effectively competing to manufacture enough supply to generate a scaled national network ahead of other AVs that will be on Uber’s network.
We ultimately believe that AVs will continue to take share given their better consumer experience and cost advantages over time, but Uber has executed on its partnership strategy exceptionally well as we believe it is now a net winner from AVs as the technology can expand the ride-sharing market by reducing the cost of rides.
To that end, our Market Perform rating has evolved to now be more valuation based than due to the risk of the transition to AVs.
-- Transition our Market Perform rating to be valuation based:
Given the strong execution of Uber’s AV partnership strategy, we believe AVs are not a threat to Uber long term as it enables a hybrid network of AVs and human drivers and ultimately allows AVs to bring down the cost of ride sharing over time and for the TAM to expand.
However, with shares trading at 17.8x our 2026E EBITDA of $11.3B (18.7% margin), we believe Uber’s growth is now fully captured in valuation as we view shares as fairly valued.
-- Investment Risks:
Whether Uber can attract more users to its Mobility and Delivery businesses, in what remains a highly competitive market that may cause sales and marketing incentives to ramp.
Uber continues to invest in the business and deliver adj. EBITDA losses and while Mobility is now adj. EBITDA profitable, Uber remains in investment mode for its growing Delivery business.
Regulatory risk and added costs of operations with the recent adoption of Prop-22 in California and the potential for similar measures to be adopted by more states."
(Page X is not available here as X does not allow me to post pages from reports on this platform)
XXX engagements
Related Topics $9888hk baidu investment $uber stocks technology