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Barclays makes the case for an Uber stock 'double'

Uber CEO Dara Khosrowshahi arrives at the New York Stock Exchange as his company makes its initial public offering, Friday, May 10, 2019.
Richard Drew | AP

Uber's stock is trading well below the price it debuted at earlier this year but Barclays made the case for how the ride-hailing company will soon turn its stock around, in a note to investors on Friday titled "How Uber can double."

Shares of Uber have dropped more than 38% from where they began trading in May, closing Thursday at $25.99 a share.

"We think that Uber is one major announcement away from a positive narrative change heading into 2020, and we think getting involved ahead of rationalization of the Eats losses makes sense," analyst Ross Sandler said.

Barclays has an overweight rating on shares of Uber with a $40 price target.

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