Uber Acquires Blacklane To Boost Premium Bookings; Wells Fargo Cuts Target to $95
Uber will acquire Blacklane to bolster its Uber Elite luxury service across 500 cities in 60+ countries, closing by end-2026. Wells Fargo cut Uber's price target to $95, citing slower autonomous vehicle deployment potentially impacting long-term margins.
1. Blacklane Acquisition
Uber has agreed to acquire Berlin-based chauffeur app Blacklane, active in over 500 cities across 60 countries, to strengthen its Uber Elite service for corporate and high-net-worth clients. The transaction is slated to close by end-2026 and will integrate Blacklane’s booking platform into Uber’s luxury offerings.
2. Luxury Segment Growth
Uber’s premium services, including Uber Comfort, SUV and Black, now generate over $10 billion in annualized gross bookings, a 35% year-over-year rise. Adding Blacklane is expected to accelerate expansion of high-end rides in Los Angeles, San Francisco and planned New York City rollout.
3. Analyst Price Target Revision
Wells Fargo lowered its price target for Uber to $95, citing slower-than-expected progress in autonomous vehicle deployment and potential pressure on future profit margins. The revised forecast reflects risks to long-term cost savings anticipated from self-driving car integration.