Oppenheimer analysts raised their price target on Uber Inc. (NYSE:UBER) to $65.00 from $55.00 while reiterating their Outperform rating. Its confidence in Uber's consumer tailwinds led to the company remaining a top large-cap pick at Oppenheimer.

In Q1, gross bookings for Uber rose by 19%. The company has a positive outlook for Q2, expecting a 15% increase, thanks to its exposure to consumer spending verticals that show favorable trends. Notably, categories such as travel and restaurants are projected to grow by 15% this year. Conversely, weaknesses in consumer spending, particularly in building materials, furniture stores (down 11% year-over-year in April), and electronics and clothing stores (down 3% in May), do not affect Uber's performance, according to the analysts.

Furthermore, the analysts pointed out that Uber's inclusion in the S&P 500 is anticipated, potentially occurring as early as December, making it another reason to consider owning the stock.