Lyft (LYFT) PT Raised to $30 at Benchmark

Benchmark analyst Daniel L. Kurnos raised the price target on Lyft (NASDAQ: LYFT) to $30.00 (from $26.00) while maintaining a Buy rating.

The analyst commented, "With the caveat that the following is unlikely to sway anyone’s opinion, we think it best to open with a controversial statement: maybe, just maybe, this is not a zero-sum game. After Uber (UBER: Hold) set the bar really high with accelerating UCAN commentary, Lyft matched the narrative, citing 70% of their rides growth in the quarter coming from the North American market. Also, as we have been trying to flag for folks since the FreeNow acquisition, gross bookings beat by $40 million, revenue missed by $20 million, and EBITDA was right in line with the street, which outside of the EBITDA being in line part, looks to remain a common theme until everyone gets the memo on the take rate (more on that later). We acknowledge that the metrics are going to continue to be obfuscated by partnerships and acquisitions, but we also think the path to Lyft’s 2027 targets is clearer than ever, especially on the EBITDA side with efficiencies running well ahead of schedule, coupled with mid-single digit insurance renewals. And, for the few free cash flow lovers still left out there, a 150% conversion rate means Lyft is trading at just 7x 2026E FCF. If you have not done so already, it is time to start taking Lyft seriously. Lyft remains one of our best ideas."

You May Also Be Interested In

• Morgan Stanley Upgrades Telecom Argentina (TEO) to Overweight
• FedEx (FDX) PT Lowered to $397 at Bernstein SocGen Group
• Cloudastructure grows sales team by 30% to meet enterprise demand