Shares of Uber Technologies (NYSE: UBER) dipped following its first-quarter earnings results. The company continued to show solid top- and bottom-line growth, but Jefferies analyst John Colantuoni attributed the stock's fall to a rare miss in mobility bookings.

Uber's mobility bookings grew 26% year over year in the quarter, which was below expectations. However, Uber said this included a one-point headwind from de-consolidating the non-ridesharing portion of the Careem business last year. But other key performance metrics looked solid, most notably continued improvement on the bottom line.

The analyst maintained a "buy" rating on the shares but lowered the price target from $103 to $100, likely to keep the stock's projected upside in line with the recent sell-off. With the shares currently trading at $67, Jefferies is expecting plenty of upside for investors.

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Source Fool.com