Lyft price target lowered to $45 from $57 at Citi

Citi analyst Itay Michaeli lowered the firm’s price target on Lyft to $45 from $57 and keeps a Buy rating on the shares. The analyst says that while the company’s Q3 data points "were less than encouraging " regarding active riders, market share, service levels and insurance costs and do prompt reduced long-term estimates, the headwinds are reflected in the stock’s current valuation. With seemingly low expectations post Q3, Lyft’s risk/reward skews positively, Michaeli tells investors in a research note.