Lyft price target lowered to $13 from $18 at Truist

Truist lowered the firm’s price target on Lyft (LYFT) to $13 from $18 and keeps a Hold rating on the shares. The analyst cites the company’s in-line Q2 results and light Q3 guidance, also noting that the the outlook for mid-teens growth in gross bookings for FY24-FY27 outlined at June’s Analyst Day looks “somewhat aggressive”. Uber (UBER) is growing faster, though Lyft’s strategy to lean in on pricing, on the customer experience and on product innovation is bearing fruit with improvements in active riders and rider frequency, the firm added.