Lyft price target lowered to $12 from $19 at Wedbush

Wedbush lowered the firm’s price target on Lyft (LYFT) to $12 from $19 and keeps a Neutral rating on the shares following Q2 results. The firm notes Lyft reported mixed results, with gross bookings below expectations by about 1%, while adjusted EBITDA was ahead of consensus by $5M. Wedbush thinks shares underperformed on disappointing Q3 guidance, underwhelming commentary and mixed results relative to Uber (UBER), and underlying concerns around a weakening consumer.