As the race to dominate autonomous vehicle technology intensifies, major players are forming strategic alliances to gain a competitive edge. Uber Technologies Inc. (UBER  ), leveraging its expanding network of partnerships, is emerging as a key contender in this rapidly evolving landscape.

With growing partner options, Uber appears to be well-positioned in the AV (autonomous vehicle) development ecosystem, according to BofA Securities.

The Uber Technologies Analyst: Analyst Justin Post maintained a Buy rating and price target of $115.

The Uber Technologies Thesis: The company's partner Waymo (GOOG  ) (GOOGL  ) completed 2.2 million trips in California in the second quarter, up 427% year-on-year and 23% sequentially, Post said in the note.

How Uber Can Leverage AV Partnerships

Waymo's trips fell 33% from May to June, as its service was temporarily paused due to protests and self-imposed service area limitations, he added.

Although total trips in June fell to their lowest level since February, it still represented 209% year-on-year growth, the analyst stated.

Why Analysts Are Bullish On Uber's Future

While Waymo is facing significant wait time, Uber may be able to offer "substantial utilization benefits for AV partners, with reported Uber driver utilization rates between 50-70%, and likely higher for AV partner vehicles that will be strategically placed," he further wrote.

UBER Price Action: Uber Technologies shares were up 1.85% at $91.22 at the time of publication on Monday, according to Benzinga Pro data.