After Bloomberg reported that activist investor Engine Capital has built a $50M stake in Lyft (LYFT), BofA analyst Michael McGovern said a 1% stake won’t be enough for control of significant changes. However, the activist interest reflects Lyft’s unique position and value in the autonomous vehicle and rideshare ecosystem, as well as maintaining a healthy base of 25M users that is growing 10%, the analyst tells investors. BofA maintains a Buy rating and $17.50 price target on Lyft shares.
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