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
Date | Firm | Action | From | To |
---|---|---|---|---|
Jan 2021 | Morgan Stanley | Maintains | Equal-Weight | |
Jan 2021 | BTIG | Maintains | Buy | |
Dec 2020 | KeyBanc | Maintains | Overweight |
View More Analyst Ratings for LYFT
View the Latest Analyst Ratings
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