Analysts at KeyBanc increased their price target for Uber (NYSE:UBER) from $61.00 to $70.00, while continuing to give the stock an Overweight rating.

The analysts’ commentary highlighted findings from the latest Mobility and Delivery Survey, which indicates consistent trends in the ride-sharing market share, a steady intention among consumers to increase trip frequency, and stable adoption rates in food delivery, grocery delivery, and grocery pick-up services.

As a result of these observations, they adjusted upward the EBITDA projections for Uber for the years 2023, 2024, and 2025 by 1%, 7%, and 2%, respectively. The new projections are $4.0 billion for 2023, $6.1 billion for 2024, and $8.2 billion for 2025. These revisions reflect a more modest progression in expenses. Consequently, the new price target of $70 is based on an 18 times multiple of the 2025 Estimated Enterprise Value to EBITDA.

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