Uber price target raised to $75 from $65 at Oppenheimer

Oppenheimer raised the firm’s price target on Uber to $75 from $65 and keeps an Outperform rating on the shares after S&P 500 inclusion. The firm notes that on average, the last 10 companies added to S&P 500 increased 5% on the first trading day, moderating to +3% 15 trading days post announcement. Following the inclusion, Oppenheimer expects Uber to lean into growth and share buybacks, which should increase investor sentiment for growth/return in 2024.