Wedbush incrementally more positive on Lyft with ‘CEO changing of guard’

Wedbush analyst Daniel Ives notes that Lyft announced co-founders CEO Logan Green and President John Zimmer will be stepping down from day-to-day operations in mid-April, while remaining on the company’s board for a seamless transition of management. Stepping into the new seat is David Risher, who will become the new CEO of Lyft on April 17th. Lyft has been "a train wreck" the last six months and management essentially lost all Street credibility after a "massively disappointing" 2023 guidance given on its Q4 conference call which ultimately catalyzed this CEO change, Wedbush argues. The firm believes this was the right strategic move that should have happened last year, but the Street will loudly applaud Green and Zimmer moving stage left running the Lyft story. Wedbush maintains a Neutral rating and $13 price target on the shares but is "incrementally more positive with this CEO changing of the guard just" announced and potentially strategic options now on the table.