The price target indicates 54% potential upside from the stock’s Monday closing price.
Uber shares at last check were 0.4% higher at $36.43. They've traded up as much as 2.8% on Tuesday.
The firm sees secular growth tailwinds and underlying asset value, and it calls management focused on positive capital allocation and wider margins.
"Debates likely persist" about how Uber can reach the goal of market leadership in various aspects of its business - transport, food, logistics and autonomous vehicles - and how it can optimize the value of its non-core assets, UBS analyst Eric Sheridan wrote.
But "we see a management team committed to unlocking asset value and a compelling risk/reward from current levels,” he said.
Last week, Morgan Stanley analysts named the San Francisco company its top U.S. internet stock pick for 2020 with a $55 price target.
Uber recently sold its Uber Eats operation in India to local rival Zomato. As part of the deal, Uber Eats India will direct all restaurants, delivery companies and diners to Zomato.
Terms weren't disclosed but sources told Bloomberg the value of the Zomato shares Uber will receive is estimated at about $172 million.
In an update to clients on Thursday, Wedbush analysts Ygal Arounian and Daniel Ives pegged the sale closer to $355 million, based on their own valuation of Zomato.
Uber shares are down more than 15% over the past six months, but since late October, the stock is up more than 11%.