BofA raised the firm’s price target on Lyft (LYFT) to $21 from $19 and keeps a Buy rating on the shares after hosting the company’s VP of FP&A and Investor Relations Aurelien Nolf for a virtual meeting with investors. No new guidance was provided, but the tone was upbeat with key topics including AVs as a long-term tailwind, improving insurance dynamics, Lyft Media ads growth, and lower frequency of Prime Time, the firm notes. BofA believes long-term industry growth should be able to support multiple players, and Lyft’s discounted valuation plus standing as the only pure-play U.S. ride hailing company should lead to upside.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
