Uber: I See Shares Ready To Rerate Fast And Aggressively

Uber delivers robust Q2 results, with Gross Bookings up 24% YoY and free cash flow surpassing $10 billion TTM. UBER's business has proven resilient to geopolitical shocks and oil price volatility, dispelling structural fragility concerns. Fears over rapid autonomous vehicle disruption are overblown; AV penetration remains immaterial for years, and Uber is actively investing in the ecosystem. I reiterate a Strong Buy rating, viewing UBER's ~15x FCF valuation and visible 20%+ growth as a generational buying opportunity with ~100% upside potential.

I have been bullish on Uber ( UBER ) for some time, but following Q2 results, I think the investment case has become unusually asymmetric. Most importantly, the fundamental business continues to perform almost flawlessly, with Gross Bookings growing above 20% YoY, earnings