Bank of America maintained its Buy rating and $101 target for Uber, implying 43% upside from $70.50. It forecasts Waymo, Tesla and Zoox will have a combined 118,000 robotaxis by 2029, while Uber’s U.S. booking share falls from 76% today to about 70%.
The bank’s forecast makes Tesla the largest robotaxi operator by 2029, with about 92,000 vehicles, compared with 20,000 for Waymo and 6,000 for Amazon’s Zoox. It projects about $6 billion in robotaxi bookings in 2028, or 5% of the U.S. ride-hailing market, while Uber retains 73% of U.S. bookings that year. Uber reported second-quarter gross bookings up 24% to $58 billion and trips up 18% to 3.9 billion.
Uber’s partners have committed about 120,000 robotaxis to its network over multiple years, and the company aims to lead globally in autonomous trips by 2029. Bank of America valued Uber’s businesses other than U.S. ride-hailing at $95 a share, or about $100 after applying a Lyft-like multiple to U.S. rides; analysts said the stock already reflected more disruption than their forecast. The bank flagged 2027 deployments and faster automaker progress as catalysts, with a weaker economy, slower user growth and share gains by Waymo or Tesla among the risks.
