RBC Capital analyst Brad Erickson lowered the firm’s price target on Lyft (LYFT) to $21 from $24 and keeps an Outperform rating on the shares. The company’s Q4 was somewhat challenging, though positively, Lyft is seeing outsized rides growth starting out the year and is competing well in terms of service levels & conversions on an apples-to-apples basis with Uber (UBER), the analyst tells investors in a research note. Less positively however, Lyft is seeing more aggressive pricing from Uber than expected, which is weighing on the Q1 bookings outlook, RBC adds.
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