Uber stock rallied 6% on June 24, 2026, as analyst Citizens reiterated a Market Outperform rating and $100 price target, citing accelerating growth momentum in Waymo’s autonomous vehicle operations that’s bolstering investor confidence in the ride-hailing giant’s robotaxi future.
Citizens highlighted Waymo’s expanding ridership metrics as a key driver for Uber’s upside potential. Waymo reported that cumulative, market-specific rider-only miles increased by 44.5 million quarter-over-quarter in the first quarter of 2026, up 14% from the prior quarter and 134% year-over-year, according to the analyst note.
The growth, while still robust, represented a deceleration from the fourth quarter of 2025, when miles jumped 40% quarter-over-quarter and 157% year-over-year. Citizens attributed the moderation to supply headwinds as Waymo transitioned from its fifth-generation Jaguar I-PACE vehicles to its sixth-generation Ojai model, which began its first trips with public riders in May 2026.
Waymo One markets—primarily San Francisco and Los Angeles—continued to drive the majority of growth, contributing approximately 55% of first-quarter 2026 miles combined, down from 62% in the prior quarter as Atlanta was reported for the first time with 11% of mileage. New markets including Houston, San Antonio, and Orlando are not yet reflected in Waymo’s reported figures, suggesting the metrics are likely understated while supply constraints persist.
Citizens noted that as Waymo resolves supply constraints and deploys its Ojai fleet more broadly across its existing and new markets, the company’s growth trajectory could accelerate further. The analyst maintained that Uber’s partnership with Waymo, combined with its own autonomous vehicle initiatives through partnerships with Lucid and Nuro, positions the company as a dominant facilitator of autonomous rides heading into 2027 and beyond.
The stock gain on June 24 followed Citizens’ reiteration of its $100 price target on June 26, 2026. At current trading levels around $72, the target implies roughly 39% upside potential, reflecting analyst confidence that Uber’s autonomous vehicle exposure will drive profitability gains as the robotaxi market scales.
Sources
- Investing.com — Citizens upgrade and Waymo rider-only miles data for Q1 2026
- Yahoo Finance — Uber stock rally details and analyst commentary
- TIKR.com — Uber 6% single-day rally on June 24, 2026
- MarketBeat — Uber stock trading volume and price movement
