Why Uber (UBER) Shares Are Sliding Today
What Happened?
Shares of ride sharing and on-demand delivery platform Uber (NYSE:UBER) fell 3.4% in the afternoon session after the company faced mounting regulatory pressure in Europe and a price target reduction from Morgan Stanley. In Barcelona, around 1,500 taxi drivers blocked the city center to protest against Uber, supporting a proposed law that could nearly eliminate ride-hailing services by drastically cutting licenses. Similar opposition surfaced in other regions, with licensed drivers in the Cotswolds demanding a ban on the Uber app, and officials in Halifax, Canada, considering new rules to level the playing field with traditional taxis. Compounding the negative sentiment, Morgan Stanley lowered its price target on Uber's stock from $115 to $110, although it maintained its 'Overweight' rating.
