Uber Stock Down 14% in 2026: Q2 Good, But Plans to ‘Scale its AV Ecosystem’ Better

Uber Technologies (NYSE: UBER ) sees stock price targets lowered by some analysts after its second-quarter financial results and weaker than expected guidance.

Here’s what the experts are saying about the short and long term of the ride-share and mobility company.

The Uber Analysts DA Davidson analyst Tom White maintained a Buy rating on Uber stock and lowered the price target from $107 to $100.

Needham analyst Bernie McTernan reiterated a Buy rating with a price target of $109.

Cantor Fitzgerald analyst Deepak Mathivanan maintained an Overweight rating and lowered the price target from $98 to $90.

JPMorgan analyst Doug Anmuth has no rating or price target on Uber, but offered post-earnings commentary in a new note.

Read Also: Gary Black Says Uber, Not Tesla or Waymo, Has the Best Shot at Bringing Robotaxis to the Masses DA Davidson on UBER Stock Revenue momentum and cost discipline in the second quarter were positive, but may be overshadowed by third-quarter guidance, White said in a new investor note.

The analyst said autonomous driving continues to be a key focus area by the company and investors. "The opportunities and risks posed by AV remain at the forefront of investors’ minds, and we think 2Q’s solid Mobility performance should help temper any concerns about share loss from AV pure-plays like Waymo," White said.

The analyst said Uber’s U.S. mobility business accelerated in the second quarter and management said it is expected to accelerated each quarter this fiscal year.

Autonomous vehicles account for around 0.5% of Uber’s overall trip volume currently, with management saying that number could rise slowly in the near-term.

Needham on UBER Stock Uber’s current business is "steady," but investors are focused on the future, McTernan said in a new investor note.

The analyst said second-quarter results were better than expected, while third-quarter guidance was mostly in-line with estimates. "On the core business, acceleration of US mobility and global delivery were the highlights as UBER is benefitting from insurance cost reinvestment and adoption of UBER One," McTernan said.

Uber’s autonomous vehicle efforts are stepping up with the company planning to invest $10 billion in this area over the next few years. "We continue to think UBER’s multiple will face pressure until they have a driver out offering in the US with line of sight to additional deployments." The analyst highlighted that Uber has announced 120,000 vehicles are committed to its fleet from autonomous vehicle partners.

McTernan said Uber’s partnership with Waymo could be "on the ropes," with management saying it was important to not be dependent on one partner.

Uber has partnerships with several companies including Waymo, Wayve, Lucid, Zoox, Baidu and Pony.

Cantor Fitzgerald on UBER Stock A strong second quarter and improvements in several areas could be less of a thought for investors than Uber’s autonomous vehicle plans, Mathivanan said in a new investor note. "2Q was a strong quarter, and UBER’s fundamentals remain healthy," Mathivanan said.

The analyst said multiples on the stock could "remain under pressure" until there is more clarity on autonomous vehicle plans.

Mathivanan highlighted Uber’s $10 billion planned capital commitments in the autonomous vehicle space, which could "scale its AV ecosystem." JPMorgan on UBER Stock After reporting a strong quarter, proving out autonomous vehicle business is the "key hurdle" for Uber, Anmuth said in a new investor note. "AV remains the key area of investor discussion, and Uber noted that it is committing more than $10B of capital across equity investments, infrastructure, and vehicle offtake over the coming years as it looks to become the leading provider of AV rides by 2029." Uber Stock Price Action Uber stock is up 2.9% to $70.14 on Thursday versus a 52-week trading range of $65.41 to $101.99.

Uber stock is down 14.2% year-to-date.

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