Lyft price target lowered to $15 from $18 at JPMorgan

JPMorgan analyst Doug Anmuth lowered the firm’s price target on Lyft to $15 from $18 and keeps a Neutral rating on the shares. The company reported mixed Q2 results and a light Q3 outlook, with near-term gross bookings pressure driven primarily by faster than expected reduction of Prime Time on the platform, the analyst tells investors in a research note. The firm says the Q3 outlook raises concerns around whether Lyft’s longer term targets are achievable.