Needham analyst Bernie McTernan has maintained their neutral stance on LYFT stock, giving a Hold rating on March 17.
Bernie McTernan has given his Hold rating due to a combination of factors related to Lyft’s current business operations and its strategic positioning in the autonomous vehicle (AV) sector. The company is experiencing strong demand and has made significant investments to enhance the driver experience, which is contributing to the reliability of its marketplace. However, while these efforts are positive, they may not be sufficient to warrant a more bullish rating at this time.
Furthermore, Lyft is actively engaging with the emerging AV technology, aiming to capitalize on its growth. The company is collaborating with May Mobility in Atlanta and plans to work with Mobileye in Dallas next year. These initiatives indicate a forward-thinking approach, yet the full impact of these partnerships on Lyft’s financial performance remains to be seen. Therefore, McTernan’s Hold rating reflects a cautious optimism, acknowledging both the potential and the uncertainties in Lyft’s strategic endeavors.
In another report released on March 17, Bernstein also maintained a Hold rating on the stock with a $15.00 price target.