Lyft price target lowered to $11 from $17 at Morgan Stanley

Morgan Stanley analyst Brian Nowak lowered the firm’s price target on Lyft (LYFT) to $11 from $17 and keeps an Equal Weight rating on the shares, arguing that the company’s Q1 guidance highlights a larger than expected reliance on price rather than trip volume to drive growth. This is "a structural weakness" Lyft will need to overcome in order to compete more effectively against Uber (UBER), the firm contends. Lower market prices and competition with Uber require lower pricing, which has significant decremental margin downside across Lyft’s "subscale platform," the firm added.