Jefferies reiterates its 'buy' recommendation on Uber Technologies, with a price target raised from $75 to $85, following the publication of a 10th consecutive better-than-expected EBITDA, as well as better-than-expected forecasts.

"The results have consolidated Uber's transition to faster booking growth and lower margin gains, a trade-off we believe enables more sustainable EBITDA growth over the long term", the broker judges.

Despite these good results, Jefferies believes the stock could remain range-bound until next week's investor event, when Uber will update its long-term targets and capital return plans.

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