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LYFT

Lyft

$45.59

0.51 (1.13%)

06:25
01/10/20
01/10
06:25
01/10/20
06:25

Lyft initiated with a Market Perform at Bernstein

Bernstein analyst Mark Shmulik initiated coverage of Lyft with a Market Perform rating and $48 price target as part of a broader initiation of the U.S. Internet sector with a generally positive outlook. The analyst says he sees a natural limit to Lyft's market potential due to constraining itself to the North American market and exclusively offering only ride-sharing and micro-mobility services. The good news, Shmulik says, is that Lyft operates in a market that appears to be rationalizing, which helps drive bottom-line margin improvement, though at the same time he forecasts Lyft's U.S. rider penetration growth to slow to 11% y/y through 2022 vs. 14% for consensus. The analyst adds that there are a limited number of levers to pull if new rider growth slows and, coupled with pricing power questions, regulatory overhang, and limited optionality, there is equal upside and downside risk to this name.

  • 10

    Jan

  • 11

    Feb

LYFT Lyft
$45.59

0.51 (1.13%)

01/02/20
RBCM
01/02/20
NO CHANGE
RBCM
Accelerating Netflix subs, Uber profitability among RBC's top 10 surprise list
RBC Capital analyst Mark Mahaney compiled a broader research note titled "Top Ten Internet Surprises for 2020" list, in which he assigns a "reasonable chance" of 30% or more for the following to occur against the "average internet investor" expectations of the event being improbable. 1) Netflix (NFLX) subscriber additions may accelerate because the company will be comping 2019's "material price increase and a dramatic slowdown in marketing spending. 2) Google's (GOOGL) operating margins may be flat to up as its Google Cloud becomes a smaller margin drag and the company's Other Bets division gets greater investment after the resignation of its founders. 3) Uber (UBER) and Lyft (LYFT) achieve EBITDA profitability thanks "insurance expense leverage, driver and rider subsidies rationalization, pricing actions, and growth leverage". 4) Amazon's profitability plummets as the company continues its "aggressive investment" in shipping and fulfillment, particularly internationally, while continuing the build-out of AWS salesforce. 4) Maturing growth rates and large cash piles may see Google, Facebook (FB), and Booking.com (BKNG) become dividend payers in the internet sector. 5) Spotify (SPOT) gross margins may expand as the company concludes its music label negotiations.
01/09/20
BNCH
01/09/20
INITIATION
Target $35
BNCH
Sell
Lyft initiated with a Sell at Benchmark
Benchmark analyst Michael Ward initiated coverage of Lyft with a Sell rating and $35 price target.
01/09/20
BNCH
01/09/20
INITIATION
Target $35
BNCH
Sell
Benchmark starts Lyft at Sell on declining revenue growth, rising insurance cost
As previously reported, Benchmark analyst Michael Ward initiated coverage of Lyft with a Sell rating and $35 price target. The company's revenue growth rate has been declining steadily since 2016 and he expects that trend to continue for "the foreseeable future." Meanwhile, payouts for insurance claims rose 134% to $350M in the first nine months of 2019 and he believes that the combination of slowing growth and increased insurance payouts growth will further compress the stock's multiple, Ward tells investors.
01/09/20
BERN
01/09/20
INITIATION
Target $48
BERN
Market Perform
Lyft initiated with a Market Perform at Bernstein
Bernstein initiated coverage of Lyft with a Market Perform rating and $48 price target.

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SPX

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APH

Amphenol

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-0.29 (-0.26%)

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AMGN

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RTTR

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