Uber Technologies (UBER) posted solid Q4 results as its global platform strategy continues to enhance long-term free cash flow stability, Morgan Stanley said in a Thursday note.

Gross bookings for the company's Mobility business showed growth in the high-teens, while momentum in its Delivery segment is building due to increased supply and the advantage of Uber's platform, with its offerings bundled together, Morgan Stanley analysts said. They noted that Uber anticipates its oldest and largest business US mobility accelerating this year.

The analysts said Uber should demonstrate that autonomous vehicle technology is expanding the rideshare total addressable market and driving incrementality. The company's latest disclosures are proving this, with the early markets for autonomous vehicles, Austin and Atlanta, showing expansion in total addressable market and faster growth, according to the note.

The analysts said they look forward to see more of this push in other markets, even floating the idea of Uber teaming up with Waymo in other markets, such as Houston. Uber's stock can see further growth potential if it can show that its non-Waymo autonomous vehicle partners can be successful in the US, the analysts added.

Morgan Stanley maintained the company's stock rating at overweight and reduced the price target to $100 from $110.

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