Citizens reiterates Uber stock rating on limited Waymo impact
Citizens has maintained its Market Outperform rating and set a $100 price target for Uber Inc. (NYSE:UBER), despite the company's autonomous vehicle competitor Waymo posing little threat to Uber's performance. The stock is currently trading at $69.22, which is close to its 52-week low of $65.41, and is deemed undervalued based on InvestingPro data.
Waymo's rider-only miles in several cities saw a steady growth rate of 2% QoQ in Q2 2026. However, this growth slowed down from 15% in Q1 2026 and 40% in Q4 2025 due to supply constraints during Waymo's Ojai vehicle transition. Excluding Atlanta, where the first-quarter 2026 disclosure included miles since its June 2025 launch, the miles grew 7% QoQ.
Waymo's total incremental miles driven in the second quarter added up to 51 million miles, which is significantly lower than the 2.9 trillion miles driven by light-duty vehicles in the U.S. in 2024.
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