Lyft price target raised to $12 from $9 at Loop Capital

Loop Capital analyst Rob Sanderson raised the firm’s price target on Lyft to $12 from $9 and keeps a Hold rating on the shares. The company’s Q2 results and outlook highlights an improvement in rides volume growth, and the management expects rideshare volume will grow by 20% in the second half of the year, the analyst tells investors in a research note. Lyft also sees further normalization in revenue per ride as the company becomes more price competitive and given that supply expansion is expected to further lower prime time pricing, the firm added.