Lyft price target lowered to $16 from $19 at Canaccord

Canaccord lowered the firm’s price target on Lyft (LYFT) to $16 from $19 and keeps a Hold rating on the shares. The firm said Lyft deserves significant commendation for its operational execution as the company continues to scale EBITDA, generating robust free cash flow, and delivering healthy top and bottom line growth. However, the tehesis remains; the iompending “robo-taxi revolution” poses a structural threat to its long-term profitability despite the company’s plans to build a hybrid network.