Lyft price target lowered to $16 from $37 at Piper Sandler

Piper Sandler analyst Alexander Potter lowered the firm’s price target on Lyft to $16 from $37 and keeps an Overweight rating on the shares. Vehicle prices are near all-time highs, and a quick reversion to historical pricing seems unlikely, Potter tells investors in a research note. As a result, he thinks "cash-strapped consumers" will increasingly opt to hail rides instead of trying to replace old cars.