Uber rises above $45 IPO price for the first time due to 4-day rally

Monitors display Uber Technologies Inc. signage in front of Morgan Stanley headquarters in New York, U.S., on Friday, April 26, 2019. Photographer: Michael Nagle/Bloomberg

Uber Technologies Inc. rose above its $45 initial public offering for the first time on Wednesday as more analysts continued to take a bullish view of the ride-hailing giant.

Uber gained as much as 6.8%, extending the stock’s rally to a record four days. Raymond James joined a growing list of analysts who are optimistic about the company’s prospects after the expiration of a quiet period for Uber’s underwriters ended on Tuesday. The firm initiated coverage of Uber with an outperform rating and $50 price target, in anticipation of core platform contribution turning positive and growing in 2020.

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