TD upgrades Lyft to Buy, names ‘Best Smidcap Idea’ for 2025

TD Cowen upgraded Lyft (LYFT) to Buy from Hold with a price target of $21, up from $16. TD says Lyft is its “Best Smidcap Idea” for 2025. The company is well positioned with growth levers including refocusing outside top 25 markets, international expansion with the FREENOW acquisition and ongoing Canada efforts, and continued product innovation, including price lock, the analyst tells investors in a research note. TD raised estimates for Lyft, as it sees “multiple growth levers ahead amid strong execution.” Management has refocused the company on “customer obsession” and has rolled out multiple innovations to improve experience for riders and drivers, contends the firm.