Bernstein raised Uber (NYSE:UBER) price target to $50 from $45 per share, asserting that a "bull case has arrived" for the company. With a Top Pick status at Bernstein, Uber shares have surged approximately 50% in the past two months, reflecting continuous improvement in the company's fundamentals.

The analysts expressed confidence in Uber's prospects, stating they believe the company has a scale/market share advantage. They further highlighted Uber's commitment to enhancing profitability, exercising capital discipline, and achieving healthy growth.

The analysts emphasized that Uber holds the potential to become one of the most compelling free cash flow (FCF) growth stories in the internet industry over the next 2-3 years. The analysts projected that Uber's FCF would increase from around $2 billion presently to nearly $6 billion by 2025.