Lyft price target lowered to $15 from $25 at BTIG

BTIG analyst Jake Fuller lowered the firm’s price target on Lyft to $15 from $25 but keeps a Buy rating on the shares. The analyst notes that while the company’s October was "strong", he is also seeing below-seasonal trend in November and a moderation in sales growth quarter-to-date. Fuller is also updating his model to better reflect rising insurance costs and the impact of recent cost cuts, with the net result being a reduction in EBITDA from $707M to $608M. Longer term, the analyst remains positive on the stock, stating that Lyft should emerge from the pandemic on stronger footing with a clear path to profitability that may not yet be fully reflected in consensus profit expectations.