Uber Vs. London's Black Cab: Company Faces $310M Claim from Drivers
Written by Emily J. Thompson, Senior Investment Analyst
Source: Benzinga
- Uber Lawsuit by London Black-Cab Drivers: Over 10,500 London black-cab drivers are suing Uber for allegedly unlawfully securing a license in 2012, causing business losses.
- Accusations and Legal Actions: The lawsuit, estimated at $312.90 million, claims Uber diverted business from traditional taxi operators by acquiring a license improperly.
- TfL's Licensing Decisions: Transport for London (TfL) initially refused to renew Uber's license in 2017 but later granted a 30-month license in 2022, up for renewal in September 2023.
- Uber's Business Changes: In response to legal challenges, Uber reclassified U.K. drivers as workers in 2021 and plans to integrate London's black cabs into its platform by 2024.
- Analysts' Perspective on Uber: Analysts view Uber favorably due to its growth potential, diverse business verticals, and position in the autonomous vehicle sector, considering it undervalued.
Analyst Views on FPX
Wall Street analysts forecast FPX stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for FPX is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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Current: 166.830
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Current: 166.830
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
