The elite group of FANG stocks includes Facebook, Amazon, Netflix, and Google. Now, one of Wall Street's top tech analysts says it's time to add another name: Uber.

According to RBC Capital Markets analyst Mark Mahaney, Uber is one of the five stocks best positioned as a derivative investment off of some the biggest trends in the tech space. 

During a speech on the top 10 trends in tech at RBC's Technology, Internet, Media, and Telecommunications conference Wednesday, Mahaney said there are three "20s" to keep in mind for the ride-hailing giant. It can grow its bookings by 20%, and generate a 20% take rate and 20% Ebitda margins, he said. 

"You get the path to profitability working, this stock, which is dislocated now, can be a dramatic outperformer over the next three to five years," Mahaney said.

He added: "The new acronym isn't FAANG, it's FANGU." 

Mahaney is also one of Wall Street's biggest bulls on Uber with an "outperform" rating and $64 price target on the stock, the highest of any major analyst and about $19 above the average estimate, according to Bloomberg data.

In a slide that accompanied his speech, Mahaney added that Uber faces several large market opportunities and is currently the global leader in ridesharing. 

"Uber offers compelling and increasing value propositions to riders, drivers, restaurants & local retailers," Mahaney wrote. 

The company's stock has struggled to gain traction since its initial public offering in May. Shares have fallen about 34% as investors have turned away from high-growth companies with unproven business models and paths to profitability. 

Some of the key trends that Mahaney said set up the FANGU stocks to outperform the market are consistently high demand trends and growth rates for tech businesses, advancements in artificial intelligence and machine learning, and the proliferation of streaming. 

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