Market Overview

Lyft Analysts Largely Bullish As Quiet Period Ends

Share:
Lyft Analysts Largely Bullish As Quiet Period Ends

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. 

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 

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. 

Latest Ratings for LYFT

DateFirmActionFromTo
Jan 2021Morgan StanleyMaintainsEqual-Weight
Jan 2021BTIGMaintainsBuy
Dec 2020KeyBancMaintainsOverweight

View More Analyst Ratings for LYFT
View the Latest Analyst Ratings

 

Related Articles (LYFT)

View Comments and Join the Discussion!

Posted-In: Canaccord GenuityAnalyst Color Long Ideas Price Target Initiation Top Stories Analyst Ratings Trading Ideas Best of Benzinga

Latest Ratings

StockFirmActionPT
MRTXHC Wainwright & Co.Maintains257.0
NVDATruist SecuritiesMaintains672.0
NVDASusquehannaMaintains625.0
BLKBMO CapitalMaintains715.0
BLKDeutsche BankMaintains838.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com