RBC Capital analyst Brad Erickson upgraded Lyft to Outperform from Sector Perform with a price target of $23, up from $17. The firm says its driver supply analysis continues pointing to U.S. ride hailing “being more of a stable duopoly than not.” The analyst now has greater confidence in 2024 EBITDA estimates with insurance and driver incentive costs adequately embedded in the model. The analyst is also “intrigued” at Lyft’s improving competitive position affording it an opportunity to partner in food delivery.
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