Uber Technologies Inc. continued its rally on Wednesday as more analysts continued to take a bullish view of the ride-hailing giant.

Raymond James initiated coverage of Uber with an outperform rating and US$50 price target, in anticipation of core platform contribution turning positive and growing in 2020. The stock rose 6.7 per cent, above its US$45 IPO price, and gaining for a record four days.

"Investors have focused heavily on Uber’s take rate and Core Platform contribution pressure," analysts Justin Patterson and Aaron Kessler wrote. "As competitive pressures in North America and Latin America ridesharing ease, Uber’s Core Platform contribution should turn positive once more and growth should re-accelerate, they said.