Uber Technologies (UBER) rallied to a 2-year high today and has nearly doubled in price since the beginning of the year. Uber has outperformed rival Lyft (LYFT) and the S&P 500 ($SPX) (SPY) this year, raising the bar for its Q2 earnings results on Tuesday. According to Bloomberg data, 90% of the analysts that cover Uber rate the stock a buy, more than any other large-cap internet media and services company, so any disappointment in earnings could take the air out of the recent rally.
Analysts and investors will look to Uber’s earnings results to see if the company is weathering concerns about slowing consumer spending and rising prices. According to Jeffries, Uber has captured about 15% of the $1 billion rideshare market in the U.S., compared to only 6% for Lyft, and investors want to see the company “keep the momentum going on the fundamental side.”
