Lyft price target raised to $16 from $11 at DA Davidson

DA Davidson analyst Tom White raised the firm’s price target on Lyft (LYFT) to $16 from $11 and keeps a Neutral rating on the shares. The company’s Q3 results were “solid”, with upside coming across gross bookings, revenue, and adjusted EBITDA, the analyst tells investors in a research note. Rides increased 16% Y/Y, with demand improving over the course of Q3 driven by commute/return-to-work use cases, new product innovations, and a growing contribution from Lyft Media, the firm added.