JPMorgan raised the firm’s price target on Lyft to $13 from $11 and keeps a Neutral rating on the shares. The company reported “healthy” Q4 results with rides, bookings, and EBITDA all ahead of expectations as marketplace health continues to improve on supply tailwinds, the analyst tells investors in a research note. The firm is encouraged by supply efficiencies helping drive demand and better profit, and Lyft’s progress in initiatives like Women+ Connect, and early free cash flow generation. However, steady execution will be required for Lyft “to truly differentiate itself from a brand perspective and take share,” adds JPMorgan.
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