Lyft (LYFT) is past the robotaxi headwind, positioning it for multiple expansion as consumer demand remains stable, Oppenheimer said in a Monday report.

Tesla's (TSLA) limited robotaxi rollout that disappointed passengers and investors with safety concerns "firmly halted" the bear thesis that robotaxi will undermine rideshare marketplace demand, according to the note.

Lyft's rightsizing of costs, supply investments, collaborations, and expansion in Canada, Europe, and US cities are driving "strong" rider growth and earnings before interest, taxes, depreciation, and amortization margin expansion, the brokerage wrote.

Oppenheimer reiterated its outperform rating on the stock and boosted its price target to $20 per share from $17.

Lyft shares were up 1.7% in recent trading.

Price: 16.33, Change: +0.25, Percent Change: +1.59