Lyft price target lowered to $16 from $18 at Bernstein

Bernstein lowered the firm’s price target on Lyft (LYFT) to $16 from $18 and keeps a Market Perform rating on the shares. The firm notes the company offered a modest beat on Gross Bookings and an EBITDA guide that was above its lowered expectations for Q2. That almost made it a clean print. However, Rides growth will be primary debate coming out of earnings even adding back the impact of the storms, Bernstein adds. That makes yet another Rideshare/Delivery name with volume softness in Q1, though Lyft’s is more pronounced over the last two quarters combined, it adds.