Lyft price target lowered to $20 from $23 at Loop Capital

Loop Capital analyst Rob Sanderson lowered the firm’s price target on Lyft (LYFT) to $20 from $23 but keeps a Buy rating on the shares. The stock has retreated after offering disappointing outlook for growth in gross bookings, but the firm believes that EBITDA growth with sub-10-times multiple – half the peer average – will carry Lyft shares higher even if its target for 15% bookings CAGR through 2027 is ultimately not achieved, the analyst tells investors in a research note.