Lyft price target raised to $17 from $13 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Lyft to $17 from $13 and keeps an Equal Weight rating on the shares. The firm is updating its model for Q1 results as well as Q2 and FY24 guidance, both of which were ahead of its prior estimates. It has raised its FY24 Gross Bookings growth estimates to about 19%, which it notes is 4 points faster than prior and in line with Lyft’s FY24 implied high-teens Bookings growth guidance.