Uber (UBER, Financial) slides to a Neutral rating at Wedbush as its risk/reward profile is now viewed as balanced after years of share gains.

Analyst Scott Devitt noted that Uber's post-pandemic recovery is largely “priced in,” with the magnitude of earnings beats shrinking as the business model stabilized. While management has executed well across mobility and delivery initiatives, the lack of fresh catalysts—coupled with shares trading at a premium to peers—leaves limited upside if demand softens.

Devitt pointed out that Uber's premium valuation versus the broader mobility group could be hard to defend in a cyclical downturn, especially as near-term growth drivers like new service launches and pricing tweaks lose luster. With 44 Buy-equivalent ratings on Wall Street but few obvious growth surprises ahead, Wedbush pegged the 12-month price target at $85, implying modest upside from current levels.

Why it matters: A Neutral rating signals that investors should temper expectations for outsized gains and focus on demand stability, cost controls and margin resilience instead of hoping for standout beats.

Investors will be watching upcoming quarterly results and guidance updates to see if Uber can unearth new growth levers or if it must settle into a more mature, cyclical trajectory.