Uber Valued at $120 Billion in an IPO? Maybe

Uber Technologies Inc. has been told by banks that it could be a $120 billion company when it goes public. Investors will be the ones who decide, though.

That eye-popping valuation was sketched out to the company by Morgan Stanley and Goldman Sachs Group Inc., said people familiar with the matter who asked not to be identified because the discussions were private. Pitches from firms jockeying to convince a company that they’re the best to lead the deal are typical in the IPO process.