Lyft (LYFT – Research Report), the Technology sector company, was revisited by a Wall Street analyst today. Analyst Daniel Kurnos from Benchmark Co. maintained a Buy rating on the stock and has a $20.00 price target.
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Daniel Kurnos has given his Buy rating due to a combination of factors, despite Lyft facing challenges in market conditions and competitive pricing. Kurnos acknowledges the ongoing pricing pressures that Lyft is experiencing compared to its main competitor, Uber. However, he notes that Lyft has demonstrated resilience with its revenue and EBITDA surpassing market expectations, indicating improved operational efficiency.
Despite some skepticism surrounding Lyft’s ability to meet its long-term targets, Kurnos highlights the company’s strategic moves, such as efficiency gains and a new stock buyback plan, which bolster its financial outlook. He is optimistic about Lyft’s potential for growth, backed by improved take rates and possible recovery in rider frequency. These factors position Lyft as a strong growth at a reasonable price (GARP) opportunity, making it one of Kurnos’s top investment recommendations for the year.
In another report released today, Bank of America Securities also reiterated a Buy rating on the stock with a $17.50 price target.