Why Uber Stock Zoomed 5% Higher on Thursday
No investors like when one of their companies insists on plugging away in a market in which it's been failing. Thursday morning, Uber Technologies (NYSE: UBER) said it was retreating from two such situations, and a grateful market rewarded it by pushing its stock price more than 5% higher.
Uber announced it will cease operations in Israel and close its food delivery business in Italy. The company said that it hadn't managed to build enough market share in the Middle Eastern country. The precise reasoning behind the Italy move wasn't immediately apparent.
In both markets, Uber is a runner-up. It is behind local companies Gett Taxi and Yango in Israel's ride-share market, while in Italy it lags rivals Just Eat and Glovo.
Source Fool.com
Uber Technologies Inc Stock
€64.32
0.420%
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As a result the target price of 78 € shows a positive potential of 21.27% compared to the current price of 64.32 € for Uber Technologies Inc.
