02:30 PM EST, 02/06/2023 (MT Newswires) -- Uber Technologies (UBER) is set to report solid Q4 results, given December's accelerated momentum in rideshare activity, and issue an optimistic 2023 guidance, Wedbush Securities said in a note Monday.

During the quarter, mobility strength was the star of the show while delivery activity took a backseat as more consumers started traveling and returning to the office, the analysts said, adding that Uber is set to exceed the consensus estimate of $30.6 billion gross bookings in Q4.

"We are seeing strong trends for Uber in the field as driver supply has bounced back and activity in its major cities/hubs appears very strong and balanced," the analysts said.

The ride-hailing company is finally hitting the inflection of growth that was only dreamed of a few years ago, the analysts said, adding that this comes after Uber having a "transitional year of growth and cost-cutting." The company managed its expenses and driver supply well, given this very tricky macro backdrop, the analysts said.

Along with the Q4 results, the Uber's 2023 guidance will be another major step in the right direction, the analysts said, adding that while the company has seen up and downs over the past few years "we are now starting to see an inflection in the Uber name with a profitable ridesharing stalwart now hitting its next gear of growth into 2023."

Wedbush has a outperform rating on the stock and price target set at $38.

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