Wells Fargo lowered the firm’s price target on Lyft (LYFT) to $13 from $14 and keeps an Equal Weight rating on the shares as it maintains Q1 below-consensus gross bookings estimate in lower half of guide. The firm expects Q2 GB guide modestly below consensus, incorporating some headwind from the Delta partnership roll off. Wells will be watching for signs of increasing competitive intensity in the second half of the year.
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