Shares of Uber Technologies Inc (UBER  ) fell in early trading on Thursday despite an upbeat first-quarter (Q1) report.

Here are the key analyst insights:

  • Goldman Sachs analyst Eric Sheridan maintained a Buy rating, while cutting the price target from $125 to $115.
  • JPMorgan analyst Doug Anmuth reiterated an Overweight rating, while raising the price target from $105 to $110.
  • Needham analyst Bernie McTernan reaffirmed a Buy rating and price target of $109.
Goldman Sachs: Uber made a strong start to the year, driven by momentum from its platform and product initiatives. Sheridan's highlights include:

  • A multi-product ecosystem and industry partnerships are "increasingly positioning the company for a larger market opportunity set"
  • Strong momentum in the mobility business, despite headwinds from the Middle East conflict and US weather conditions
  • Delivery growth was driven by strength in key international markets
  • Rising supply and demand from non-restaurant verticals
  • Diversified capital allocation and growth investment strategy focusing on shareholder returns
JPMorgan: Uber's gross bookings and EBITDA came in above the high-end of its guidance range.The company's cross-platform subscription membership Uber One surpassed 50 million members, representing 50% year-on-year growth, and remains a "key strategic focus areas," he added.

Uber One members exhibit higher retention and spend three times as much as non-members, which supports the durability of the company's revenue growth, the analyst stated. "Uber continues to execute very well and remains on track to beat the high-end of its 3-YR targets," with a CAGR of 19.6% in gross bookings and of 40.4% adjusted EBITDA, he further wrote.

Needham: Uber delivered more than 20% growth in constant currency bookings for the third consecutive quarter, McTernan said. The company's mobility business accelerated during the quarter and management expects this trend to continue this year, he added.

AVs (autonomous vehicles) continued to weigh on the stock, even as Uber indicated higher driver earnings and more drivers joining the platform, the analyst noted. The company is able to generate "attractive growth," and its adjusted earnings are likely to expand at a CAGR of 30% over the next three years, he further stated.

UBER Price Action: Shares of Uber Technologies had declined by 3.32% to $76.54 at the time of publication on Thursday.