Lyft price target raised to $20 from $17 at Oppenheimer

Oppenheimer analyst Chad Larkin raised the firm’s price target on Lyft (LYFT) to $20 from $17 and keeps an Outperform rating on the shares. Notably, Lyft is past the near/medium-term robotaxi headwind, setting up potential multiple expansion while estimates remain conservative, the firm says. With Tesla’s (TSLA) limited Robotaxi launch in Austin disappointing investors and passengers reporting safety concerns, the bear thesis that robotaxi will subvert rideshare marketplace demand has been firmly halted. Additionally, consumer demand and the competitive outlook remains unchanged since earnings, suggesting a healthy Q2/second half of the year backdrop for rideshare. Therefore, Oppenheimer sees upside to estimates with consensus’ 12% gross bookings CAGR through 2027 well below Lyft’s 15% target.