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Fly News Breaks for March 5, 2020
UBER, LYFT
Mar 5, 2020 | 16:19 EDT
Needham analyst Brad Erickson initiated coverage of Lyft (LYFT) with a Buy rating and $48 price target. He thinks Lyft's 30% decline since the company's Q4 report, which attributes mostly to results and guidance and partially to coronavirus, has "created an unreasonably wide valuation discount" to competitor Uber (UBER) and the risk/reward looks favorable to him "for the first time" since Lyft came public, Erickson said.