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Uber’s steadily deflating I.P.O.

The ride-hailing company’s market debut, which is set for tomorrow, has become “an exercise in dialing back expectations,” write Michael de la Merced and Mike Isaac of the NYT.

Uber’s I.P.O. may now value it at only $86 billion based on a share price of $47. According to unidentified sources, the company plans to price its offering at or below the midpoint of its announced range: $44 to $50.

“That would be well below the $100 billion that Uber had forecast to some of its investors,” Mr. de la Merced and Mr. Isaac write. “Last year, some bankers floated a potential $120 billion valuation for the company. It would still be valued above the $76 billion that it was appraised at in its most recent private fund-raising last August.”

Why the caution? The sources blame market turbulence in the face of recent U.S.-China trade tensions and the performance of Lyft, the rival whose shares have sunk since its I.P.O. in March.