In a report released today, Mike McGovern from Bank of America Securities reiterated a Buy rating on Lyft (LYFT – Research Report), with a price target of $21.00.
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Mike McGovern’s rating is based on multiple factors that highlight Lyft’s potential for growth and strategic partnerships. One key reason is Lyft’s collaboration with Marubeni Corp, a leading fleet owner, to deploy autonomous vehicles equipped with Mobileye technology. This partnership is expected to expand Lyft’s autonomous vehicle operations significantly by 2026, enhancing its competitive edge in the ride-sharing market.
Additionally, positive earnings insights from Uber suggest strong growth prospects for Lyft in the US Mobility sector, despite some potential pricing challenges in the future. Furthermore, McGovern sees favorable long-term risk/reward dynamics in the autonomous vehicle race, which supports the raised price objective for Lyft’s stock. Overall, these strategic initiatives and market conditions underpin McGovern’s optimistic outlook and Buy rating for Lyft.
In another report released on January 29, RBC Capital also maintained a Buy rating on the stock with a $24.00 price target.
Based on the recent corporate insider activity of 85 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of LYFT in relation to earlier this year.