Lyft price target raised to $12 from $11 at Deutsche Bank

Deutsche Bank analyst Benjamin Black raised the firm’s price target on Lyft to $12 from $11 and keeps a Hold rating on the shares. The California Appeals Court ruled in favor of the constitutionality of Proposition 22, overturning the ruling made by Alameda County Superior Court Judge Frank Roesche in August 2021, the analyst tells investors in a research note. The firm says the outcome implies that there will be no change to the drivers’ independent contractor status in the state. It cites the regulatory reversal for the target raise.