On June 30, Lyft rose 5.22% in regular trading, trading at $15.015 per share, with turnover of $150 million.
On the news front, Rothschild & Co Redburn upgraded Lyft from neutral to buy, setting a target price of $22, implying approximately 47% upside from current levels. According to FactSet, the consensus analyst rating on Lyft is overweight, with a mean target price of $18.90.
The upgrade comes after a turbulent period for the stock. Lyft reported a challenging Q4, with ride growth missing expectations and competitive pressure from Uber weighing on volumes. However, management indicated the company recovered market share by February after taking a disciplined pricing approach rather than matching aggressive competitor promotions. A key executive departure also occurred earlier this year, with the head of financial planning and investor relations leaving to join Navan as CFO.
Lyft operates a peer-to-peer ridesharing marketplace in the United States and Canada, offering multimodal transportation options including ridesharing, bike and scooter networks, car rentals, and autonomous vehicle access.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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