Uber Technologies (UBER) is likely to see accelerated bookings and delivery growth for Q2 based on Bloomberg Second Measure data, as well as potential tax savings for its drivers, BofA Securities said in a Tuesday note.

Data from Bloomberg Second Measure indicates a modest acceleration in bookings growth for Uber, up 140 points versus Q1, while unadjusted mobility and delivery growth accelerated by 150 and 90 basis points, respectively, demonstrating "overall positive growth data, with stable mobility pricing a positive for margins," BofA said.

The "Big Beautiful Bill," with its "No Tax on Tips" provision for 1099 workers like Uber and Lyft (LYFT) drivers, is projected to deliver around 2.5% effective pay bump for Uber drivers, translating to about $1 billion in tax savings annually, which could indirectly bolster Uber's take rates by modestly increasing driver supply, according to the note.

Uber-backed autonomous vehicle fleet manager Moove is also reportedly seeking $1.2 billion in financing to acquire and manage Alphabet's (GOOG) Waymo AVs for its expanding partnership, a move seen as critical to Uber's fleet management and potentially encouraging other manufacturers to invest in advanced AV technology, BofA said.

BofA reiterated a buy rating on Uber, raising its price target to $115 from $97.

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