Lyft price target raised to $20 from $13 at Truist

Truist raised the firm’s price target on Lyft (LYFT) to $20 from $13 and keeps a Hold rating on the shares. The company’s better than expected Q3 results and Q3 guide reflect Lyft’s improving fundamentals amid more rational competitive dynamics, and showcase that the management’s strategy of improving the customer experience, the cadence of product innovation and pricing is starting to bear fruit through active riders rider frequency growth, the analyst tells investors in a research note.