Uber’s stock up 4.2% after being added to S&P 500; Oppenheimer raises price target to $75 from $65

Uber Technologies Inc.’s stock
UBER,
+4.90%
soared 4.2% early Monday, after the ride-sharing company’s stock was added to the S&P 500, prompting Oppenheimer to raise its price target to $75 from $65 and reiterate its outperform rating, the equivalent of buy. “Following the inclusion, we expect UBER to lean into growth and share buybacks, which should increase investor sentiment for growth/ return in 2024,” said analysts led by Jason Helfstein in a note to clients. The last 10 companies to be added to the benchmark index saw stock’s increase an average 5% of their first trading day, moderating to up 3% 15 trading days after the announcement, said the note. Uber’s stock has gained 132% in the year to date, while the S&P 500
SPX,
-0.71%
has gained 19.7%.