Lyft price target raised to $13 from $12 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Lyft (LYFT) to $13 from $12 and keeps an Equal Weight rating on the shares. Over the course of the next month, the firm expects to get greater clarity on the range of medium term gross bookings growth and profitability outcomes for Lyft following both its upcoming earnings on May 7 and analyst day on June 6, the analyst tells investors. The firm raised its base case target on Lyft shares, adjusting for higher peer multiples, though it tactically thinks the range of outcomes skews slightly more negative relative to Uber (UBER) given the relative multiples, the analyst added.