Piper Sandler upgraded Uber stock to "overweight" and hiked its price target
To kick off the week, Piper Sandler upgraded Uber Technologies Inc (NYSE:UBER) to "overweight" from "neutral" and hiked its price target to $33 from $31. The brokerage cited increased car prices in its bull note, which it said will push consumers towards Uber and its sector peers.
While Piper Sandler issued its bull note, Jefferies also chimed in with a price-target cut, adjusting its objective down to $38 from $50. The upgrade seems to mean more though, with Uber stock last seen 4.1% higher to trade at $27.49. The shares are testing their 200-day moving average today, a trendline that hasn't been toppled on a closing basis for over a month now. In the last six months, UBER is up 18.2%.
Meanwhile, at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), puts have been more popular than usual in the last two weeks. This is per Uber stock's 10-day put/call volume ratio of 1.18, which sits in the 99th percentile of its annual range.
Those looking to speculate on the equity should consider options, as volatility expectations are low at the moment. This is per UBER's Schaeffer's Volatility Index (SVI) OF 51%, which sits in the low 13th percentile of annual readings.