Key points
- Citizens maintained a “Market Outperform” rating with a $100 price target on Uber (UBER).
- UBER shares rose 5.6% during Friday afternoon trading, reaching approximately $75.94.
- The company highlighted Waymo’s expansion of self-driving ride miles on the Uber platform as a primary catalyst
- Waymo’s cumulative rider-only mileage increased by 44.5 million in Q1 2026, representing a 134% increase year-over-year.
- Despite the recent gains, Uber’s trading is down 8.4% year to date and remains 24.1% below its 52-week high of $100.10.
Shares of Uber (UBER) rose 5.6% during Friday afternoon session after Citizens reaffirmed a “market outperform” rating along with a $100 price target, underscoring strong expansion tied to Waymo’s growing presence on the Uber platform.
At press time, the stock was trading at $75.94, representing a 24.1% discount from its 52-week high of $100.10 reached in October 2025. Year to date, Uber shares are down 8.4%.
The Citizens research team confirmed Waymo’s “rider-only miles” — trips completed in alphabet Self-driving vehicles accessible through the Uber app – an important positive indicator. During the first quarter of 2026, Waymo collected an additional 44.5 million passenger-only miles compared to the previous quarter, representing a 14% sequential increase and a 134% jump from the previous year.
However, the pace of expansion has moderated. During Q4 2025, Waymo’s mileage expanded 40% QoQ and 157% YoY, indicating a notable slowdown. Citizens cited supply constraints as Waymo transitions from its fifth-generation Jaguar I-PACE fleet to sixth-generation Ojai vehicles. Public passenger flights at Ojai began in May 2026.
Waymo’s geographic distribution changes
San Francisco and Los Angeles accounted for nearly 55% of miles in Q1 2026, down from 62% in Q4 2025. Atlanta appeared in the reporting data for the first time, accounting for 11% of Q1 miles. Additional markets such as Houston, San Antonio and Orlando have not yet appeared in Waymo’s published numbers.
Citizens noted that these statistics likely underrepresent actual activity, as emerging markets shift capacity from mature locations while Waymo continues to operate under supply constraints.
This was not the only positive development Uber During the week. Just two days ago, shares rose 5.8% after Uber announced the addition of five new retail collaborators to the Uber Eats platform — Kiehl’s, FedEx Office, Blick Art Materials, Academy Sports + Outdoors, and Choice Pet.
Additional positive developments
On the same trading day, Tigress Financial Partners raised its price target for UBER to $115. US Representative Nancy Pelosi initiated a new bullish position on Uber using long-term call options, a regulatory filing revealed. Additionally, Uber has unveiled plans with partner WeRide to introduce a commercial robotaxi operation in Zurich, marking its second planned entry into the European market.
In terms of competitive positioning, Wells Fargo research indicated that Uber’s delivery platform saw a modest 1% reduction in product prices and consumer fees — which differs from DoorDash, which increased fees by 21% while decreasing product prices by 4%.
Lime, the electric scooter and bike sharing company, has identified Uber as a lead investor in its upcoming IPO.
Investors who committed $1,000 to Uber five years ago would now own approximately $1,486.
