12:54 PM EDT, 07/31/2024 (MT Newswires) -- Uber Technologies ( UBER ) is poised to beat analysts' expectations for revenue and earnings before interest, taxes, depreciation and amortization when it reports its Q2 results on Aug. 6, BofA Securities said Wednesday.

The brokerage said it expects Q2 revenue of $10.6 billion and EBITDA of $1.51 billion, while Wall Street projects $10.53 billion and $1.50 billion, respectively.

"We remain constructive on Uber ( UBER ) as our top travel/transportation stock given our outlook for bookings

and EBITDA growth well above peers," BofA said in a report.

Bookings during the quarter are expected to be in line with analysts' estimate of $39.7 billion, it said.

For 2024, BofA said its estimates are in line with analysts' projections on bookings and revenue, and 2% above on EBITDA.

Despite the "overhangs" pressuring the stock, such as a looming competition with Tesla (TSLA) and potentially increased competition with DiDi in Latin America, the brokerage said it thinks Uber ( UBER ) is "attractive and well positioned in coming months."

BofA reiterated its buy rating on the stock and $87 price target.

Shares of Uber ( UBER ) were up nearly 3% in recent trading Wednesday.

Price: 64.75, Change: +1.66, Percent Change: +2.63