UBER is viewed as compelling at a price of ~$76, with a fair value target of $120 based on projected free cash flow. The author outlines three 2027 scenarios using an estimated $13B in free cash flow: a bear case of $108 (17x FCF), a base case of $120 (19x FCF), and a bull case of $140 (22x FCF). While market discount concerns stem from autonomous vehicle competition, the author currently holds no position.