Shares of Uber Technologies Inc UBER surged 14.7% on Wednesday, closing at $79.15, buoyed by the company’s investor day. Wedbush analysts, impressed by the event, have raised their 12-month price target from $78 to $85.

Analyst’s Positive Outlook: Wedbush’s bullish sentiment is evident from the increase in Uber’s price target and reiteration of an “outperform” rating.

Analysts React: Uber’s three-year outlook, revealed during the investor day, exceeded analyst expectations. The company foresees mid-to-high teens CAGR growth in gross bookings and upwards of 90% annual free cash flow generation over the next three years.

The event left a profound mark on the analysts, as they remarked, “…we come away from the event increasingly constructive on the long-term growth trajectory of the business,” in a note.

They further emphasized the value of the $7 billion share buyback program announced by management, positioning the company favorably for shareholder returns.

The analysts underscored Uber’s unwavering performance and market dominance, stating, “While margins turned positive in 2021, the company has met or exceeded gross bookings and adj. EBITDA expectations for eight straight quarters.”

Concluding their note with unwavering confidence, they declared, “We are encouraged by the strength of management’s 3-year outlook and continue to view Uber as our best idea within the mobility vertical.”

Meanwhile, Ross Gerber, president and CEO of Gerber Kawasaki Wealth and Investment Management, and an Uber investor, acclaimed the company as a “fire-breathing dragon” on Friday.

Price Action: Uber shares have surged by an impressive 118.5% in the past year, according to data from Benzinga Pro.

Check out more of Benzinga’s Future Of Mobility coverage by following this link.

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