As Uber earnings approach, this analyst just turned bullish on the stock

As Uber Technologies Inc. prepares to report earnings next week, KeyBanc Capital Markets analyst Justin Patterson is taking a rosier view of its stock.

“Uber is positioned to benefit from the sector growth of retail media with its emerging advertising business, which is margin accretive,” Patterson wrote. The advertising business also affords Uber more options for its ride business, in his view, serving as a cushion that allows the company to keep ride-hailing prices lower in a benefit to volumes.

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