Lyft price target raised to $22 from $17 at Piper Sandler

Piper Sandler raised the firm’s price target on Lyft to $22 from $17 and keeps an Overweight rating on the shares after a change in analyst coverage. Lyft revenue is majority tied to a stronger U.S. consumer, and a ride-hailing pure-play is “safer in the event of a macro downturn,” the analyst tells investors in a research note. The firm says the marketplace looks healthy given demand and supply growth, while the company’s new products can drive incremental bookings.