Bernstein raised the firm’s price target on Lyft (LYFT) to $18 from $16 and keeps a Market Perform rating on the shares. The firm is broadly constructive on Lyft into print. Bernstein is expecting Q2 to land in-line with guidance, towards the upper end of management’s range. The firm forecasts 13% year-over-year GB growth and $125M in Adjusted EBITDA. Bernstein doesn’t think Lyft needs a blowout quarter. A straightforward print with modest upward bias to numbers is probably enough to start establishing a more consistent track record. Lyft should offer color on the May Mobility partnership as well, but the firm’s expectation on the scale and scope is tempered.
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