Lyft price target lowered to $12 from $20 at Roth MKM

Roth MKM analyst Rohit Kulkarni lowered the firm’s price target on Lyft to $12 from $20 and keeps a Neutral rating on the shares. The company’s Q1 guidance was lower than expected and it also recognized a material one-time charge in Q4 while recasting prior financials in following the revised SEC guidance related to insurance reserve adjustments to prior periods, the analyst tells investors in a research note. Lyft shares will likely remain weak and stay below $12 amid a loss in confidence in almost every bullish investor, the firm added.