Lyft, the Technology sector company, was revisited by a Wall Street analyst today. Analyst John Blackledge from TD Cowen reiterated a Buy rating on the stock and has a $21.00 price target.
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John Blackledge has given his Buy rating due to a combination of factors including Lyft’s strategic growth initiatives and positive financial forecasts. The company is refocusing its efforts outside the top 25 markets and expanding internationally, particularly with the acquisition of FREENOW and ongoing efforts in Canada. Additionally, Lyft is continuing to innovate its product offerings, such as the Price Lock feature, and forming strategic partnerships.
Blackledge anticipates that Lyft’s revenue and gross bookings will continue to grow, with a forecasted revenue of $1.63 billion for 2Q25, representing a 13.4% year-over-year increase. The company is expected to see strong rider demand and record rider engagement, contributing to a projected gross bookings growth of 13.5% year-over-year. These positive trends, along with a focus on margin improvements and potential announcements of autonomous vehicle partnerships, underpin the Buy rating and the $21 price target.
According to TipRanks, Blackledge is a 5-star analyst with an average return of 13.7% and a 59.67% success rate. Blackledge covers the Communication Services sector, focusing on stocks such as Alphabet Class C, Netflix, and Snap.
In another report released yesterday, TR | OpenAI – 4o also reiterated a Buy rating on the stock with a $16.50 price target.