Nomura/Instinet analysts downgraded Uber (NYSE:UBER) from Buy to Neutral, while increasing the price target from $59.00 to $62.00. As a consequence, shares fell more than 2% on Friday.

The analysts noted Uber's significant year-to-date stock increase of 155%, surpassing Lyft and the S&P 500. This surge is attributed to Uber's profitable scaling, market consolidation in the US/Canada, and positive free cash flow achievements in 2023. Uber also reported its first GAAP operating profit and was added to the S&P 500.

However, the analysts believe the most positive catalysts for Uber's stock are now reflected in its current price, indicating it's fairly valued and expecting share buybacks from 2024.