Stifel analyst Scott Devitt lowered his price target for Lyft (LYFT) to $60 from $70 while maintaining a Buy rating on the shares. Heading into earnings, the analyst has a "mixed view" on bookings and revenue guidance for 2020 for both Uber (UBER) and Lyft given the possibility for conservative guidance ranges. Potential reasons for conservatism include the mandate for profitable growth, and other industry factors and uncertainties including the impact of changes to the rides marketplace in California, new congestion taxes coming online in several major cities in 2020, and frequency impact from rising rides prices, Devitt tells investors in a research note. However, he's optimistic on the 2020 margin path for both companies.

Jefferies raised the firm's price target on Uber to $103 from $100 and keeps a Buy rating on the shares. Results should display continued focus on using non-core investments to drive elevated GBV growth, though avoiding a material drop in incremental margins is key to keep investors positive, the analyst tells investors in a preview note for the U.S. Internet group.