Lyft's 2Q Results Show Progress but Raise Concerns over Core

1228 ET - Lyft's latest quarterly report was better than expected, UBS analysts say, noting an acceleration in gross bookings growth and a record high for active riders. With management highlighting strength across bikes, Canada and Europe, the report signals that Lyft has multiple growth drivers, the analysts say. Still, given that Lyft's recent growth has been increasingly supported by bikes, partnerships, international operations and premium products, bears will raise concerns that core U.S. rideshare demand may not be reaccelerating materially, the analysts say. Additionally, "after a particularly strong 2026, growth could normalize in 2027 and early 2028, leading investors to question whether recent momentum can be sustained," the analysts say. They increase their price target to $17 from $16.