Wells Fargo lowered the firm’s price target on Lyft (LYFT) to $18 from $26 and keeps an Equal Weight rating on the shares. In contrast to healthy U.S. rideshare volumes at competitor Uber (UBER), Lyft posted a material miss against guided Q4 ride volumes, the firm says. While heightened promotional intensity has receded in Q1, the share loss remains a concern ahead of any meaningful AV entry, Wells argues.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on LYFT:
- Lyft price target lowered to $17 from $22.50 at Morgan Stanley
- Lyft price target lowered to $30 from $32 at TD Cowen
- Closing Bell Movers: Robinhood slips 8% after revenue miss
- Lyft sees gross bookings growing faster than rides
- Lyft says it has positioned itself within autonomous vehicle ‘revolution’