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Multiple sell-side analysts issued buy recommendations on LYFT Inc (NASDAQ:LYFT) Tuesday with the expiration of a waiting period for banks that worked on Lyft's IPO to offer advice on the stock.
Lyft is down nearly 20 percent from its opening price of $72 in late March, so buy ratings from most of the investment firms following the close of the 25-day waiting period will be welcomed by the ride-hailing company, which was trading below $60 Wednesday morning.
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KeyBanc Capital Markets was the only firm to offer a more muted take on Lyft Tuesday, issuing a Sector Weight recommendation while raising concerns that the ride-hailing service won’t see its biggest profit potential until drivers are taken out of the mix — an autonomous car scenario that KeyBanc said may still be several years away.
Ratings
Here's how some of the sell-side came down on Lyft on Tuesday:
- Credit Suisse initiated coverage with an Outperform rating and $95 target price.
- Raymond James started coverage with an Outperform rating and $85 price target.
- UBS initiated with a Buy and $82 price target.
- Piper Jaffray started the stock at Overweight with a $78 price target.
- JMP Securities initiated with a Market Outperform rating.
- Jefferies initiated coverage with a Buy rating and $86 price target.
- Stifel initiated coverage with a Buy rating and $68 price target.
- JPMorgan started coverage with an Overweight and $82 price target.
- Canaccord Genuity initiated with a Buy rating and $75 price target.
- Cowen started Lyft at Outperform.
Previous Initiations
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Early sell-side recommendations on Lyft included those from Guggenheim and Wedbush, both of which were Neutral. Seaport Global initiated coverage earlier in April with a Sell rating and $42 price target.
Lyft is slated to report its first post-IPO earnings May 7 after the market close.
Price Action
Lyft stock was down more than 2 percent at $59.04 at the time of publication Wednesday.
Related Links:
Lyft Rockets Onto Public Markets With $2.3B Raise
Raymond James Sees Opportunity In Lyft Sell-Off
Photo courtesy of Lyft.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.