Lyft price target raised to $12 from $10 at Truist

Truist analyst Youssef Squali raised the firm’s price target on Lyft (LYFT) to $12 from $10 and keeps a Hold rating on the shares. The company’s Q2 results and Q3 outlook are showing “green shoots” of a turnaround as Lyft attempts to reclaim market share from Uber (UBER) through competitive pricing and product improvement, the analyst tells investors in a research note. Accelerating growth in rides and rides frequency reaching a 2-year high are allowing the new management team to deliver in line revenue and improving profitability for Q2, the firm added.