Lyft price target raised to $12 from $11 at Roth MKM

Roth MKM analyst Rohit Kulkarni raised the firm’s price target on Lyft (LYFT) to $12 from $11 and keeps a Neutral rating on the shares. The company’s Q3 results were “better than feared” with upside to revenue and EBITDA, and the stock’s perceived growth-and-profitability-adjusted valuation discount vs. Uber (UBER) should narrow once the investment community fully digests the disclosures around its Gross Bookings, the analyst tells investors in a research note. The firm adds however that with Lyft remaining in the “middle of transition”, it keeps a neutral stance on the stock.