TD Cowen analyst John Blackledge downgraded Lyft to Market Perform from Outperform with a price target of $14, up from $12. The company’s Q4 revenue beat estimates, driven by booking strength, and EBITDA beat despite incremental insurance expense, the analyst tells investors in a research note. The firm says Lyft’s 2024 outlook calls for the first year of positive free cash flow and 50 points of margin expansion.
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