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

RBC Capital analyst Brad Erickson raised the firm’s price target on Lyft to $12 from $9 and keeps a Sector Perform rating on the shares. The company’s Q2 topped EBITDA estimates and its Q3 revenue view was above consensus, but the management decided to get in front of a Q4 margin guide down, due once again to rising insurance costs, the analyst tells investors in a research note. RBC adds however that “things feel more positive” for Lyft as pricing and driver supply are getting where they need to be, and rides growth has rebounded nicely.