Uber Technologies (UBER) shares appear undervalued as investors look for growth, free cash flow and returns on investment, Oppenheimer said Wednesday in a report.

Uber's broad network and logistics technology offer an advantage in gaining additional market share in ride-hailing service and online food delivery, areas that still have substantial room for global expansion, the report said.

Potential near-term catalysts include expansion into new markets, improvements in freight, new transportation solutions, growth in subscription products, and progress in autonomous technology, Oppenheimer said.

Uber trades at 11 times its projected 2027 free cash flow, or 22% below peer averages, even after factoring in $1 billion of additional robotaxi capital spending, the report said.

Oppenheimer has an outperform rating on Uber stock and a $100 price target.

Price: 69.37, Change: -1.83, Percent Change: -2.57