Lyft dropped by over -23% already on the first day of going public at the end of March, probably causing Uber dismal in a way, as Uber IPO didn’t make it when it comes to living up to expectations that Wall Street had for the ridesharing giant.
In the meanwhile, right ahead of Uber’s IPO debut, Lyft released their financial report, first after LYFT IPO debut.
So, here is what Wall Street analysts such as UBS, Canaccord Genuity, Atlantic Equities and other has to say on the matter of Lyft share price within a future forecast.
Based on the report published on CNBC, Eric Sheridan from UBS provided “buy” rating for Lyft, setting a target share price at 82$.
Sheridan stated that in the opinion of UBS, Lyft diminished worries about rough competition, heading towards a more profitable future.
Michael Graham from Canaccord Genuity believes that Lyft showed a textbook example of the first report after IPO, providing another “buy” rating for the ridesharing company.
The share price target is set at 75$.
While many Wall Street analysts are positive on Lyft’s growth potential as well as potential reduction of losses, James Cordwell spoke on Lyft future forecast with a certain dose of reserve.
Although Atlantic Equities acknowledged that Lyft showcased improved metrics for the first quarter of 2019, Lyft received “underweight” rank from AE.
As Cordwell emphasized, it is uncertain whether or not the ridesharing market has a long-term potential under the present business model.
Estimated share price for Lyft by Atlantic Equities is set at 52$ from 50$.
Stifel’s Scott Devitt stated that the ridesharing market is showing clear signs of rationalizing according to CNBC, while Devitt noted improvements in Lyft’s financial report for Q1 2019.
Stifel increased the price target for LYFT from 68$ to 70$, providing a “buy” rating.