Lyft assumed with a Hold at Jefferies

Jefferies analyst John Colantuoni assumed coverage of Lyft with a Hold rating and $12 price target. Smaller scale and a focus on U.S. Rideshare limits cross-sell opportunities and reinvestment capabilities, especially with insurance costs approaching 30% of revenue, Colantuoni tells investors in a research note. The firm’s base case assumes flat U.S. Rideshare share in 2023/2024, which results in the firm’s revenue estimates falling 2%-3% below consensus, he adds.