Uber Technologies, Inc. (NYSE:UBER) ranks among the best FAANG stocks to buy according to hedge funds. Bernstein maintained its $95 price target and Outperform rating on Uber Technologies, Inc. (NYSE:UBER) following reports that the company would be considering purchasing Pony.ai’s US operations.
Uber Technologies, Inc. (NYSE:UBER) is reportedly in talks to support Travis Kalanick, its founder and former CEO, in his attempt to acquire the Chinese automaker’s US operations, according to the New York Times. The discussions are still in their early stages, with little financial information provided and no clear definition of Uber’s precise role.
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According to Nikhil Devnani, an analyst at Bernstein, the deal seems to be a possible equity investment from Uber Technologies, Inc. (NYSE:UBER) and other investors, with Kalanick positioned to manage the company and collaborate with Uber’s network. The analyst stated that this “creative deal” might be spurred by regulatory issues that make Chinese autonomous vehicles “untenable in the US.”
Uber Technologies, Inc. (NYSE:UBER) is a prominent global supplier of ride-hailing, food delivery, and freight services. Since its inception, the company has revolutionized urban transportation by bringing drivers and passengers together via its mobile app.
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Read More: 10 Best Magic Formula Stocks for 2025 and 10 Best Retirement Stocks to Buy According to Hedge Funds
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