Uber Technologies (UBER) remains well-positioned for future growth despite posting mixed Q4 results amid ongoing concerns about the long-term impact of autonomous vehicles, fueling an overreaction from investors, RBC Capital Markets said in a note emailed Thursday.

Uber's core business continues to demonstrate strong growth and key highlights include accelerating driver supply, increased ride frequency, and an emphasis on lower-cost ride options, which should support long-term mobility expansion, according to the note.

Investors are concerned about lower-than-expected mobility margins and a weaker Q1 gross bookings value forecast, but the company attributed the margin decline to timing issues and emphasized its long-term execution strength, RBC added.

RBC said that while much of the competitive discussion focused on Alphabet's (GOOG, GOOGL) Waymo, Tesla (TSLA) poses a larger risk as its cost advantages and upcoming launch in Austin could take even more market share.

The brokerage has an outperform rating on Uber's stock with a price target of $82.

Uber's shares were up more than 4% in recent trading.

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