Uber Technologies' (UBER) Q1 earnings probably will be bolstered by strong bookings and favorable currency trends, BofA Securities said Monday in a report.

BofA raised its Q1 bookings estimate to $34.5 billion with revenue at $1.73 billion, both 1% above the Wall Street consensus. The weakening dollar shifted the currency outlook into a tailwind from a hurdle, the report said.

BofA boosted Q2 estimates and its 2025 GAAP EPS forecast to $2.47 from $2.43.

"We continue to see the gig economy group as well positioned for tariff uncertainty, and Uber as a top pick in 2025" with the company's positioning in autonomous vehicles expected to improve, the report said.

BofA increased its price target on Uber stock to $96 from $95 and reiterated its buy rating.

Uber's Q1 results are due Wednesday.

Shares of the company rose 1.5% in recent Monday trading.

Price: 85.64, Change: +1.36, Percent Change: +1.61