Lyft price target lowered to $17 from $24 at RBC Capital

RBC Capital analyst Brad Erickson lowered the firm’s price target on Lyft (LYFT) to $17 from $24 and keeps an Outperform rating on the shares after its Q2 results and guidance. The company is organically driving lower prices through operational improvements which should drive better ride volumes over time, but the self-inflicted pricing effects drove disappointing bookings guidance, the share loss to Uber (UBER) looks more apparent, and with Lyft running slightly below the long-term CAGR target for Q3, the bears will come away more confident that it will miss those targets, the analyst tells investors in a research note.