Uber Technologies Inc (NYSE:UBER) was featured Wednesday during Jim Cramer's mad dash segment on CNBC's "Squawk On The Street."
What Happened: Barclays analyst Ross Sandler maintained Uber with an Overweight rating and raised the price target from $48 to $53, citing an increased availability of rideshare drivers and expectations for the company to turn free cash flow positive.
Why It Matters: Cramer recommended buying the stock after agreeing with the Barclays analyst call.
"Here's why I think it's a great call: because this thing has come down so much and what's been the impediment ... is it's just very hard to get drivers, but with the so-called recession that's coming, drivers are available and people are going out," Cramer said.
As a result of the increased availability, Uber's costs are falling, which is creating the buying opportunity, he said.
"Uber may be coming back and I think this is the time to start accumulating a position."
From Last Month: If You Invested $1,000 In Uber Stock At Its COVID-19 Pandemic Low, Here's How Much You'd Have Now
UBER Price Action: Uber has a 52-week high of $52.36 and a 52-week low of $21.27.
The stock was up 2.3% at $25.30 Wednesday morning, according to data from Benzinga Pro.
Photo: courtesy of Uber.
