These Analysts Boost Their Forecasts On Lyft Following Strong Sales
Portfolio Pulse from Avi Kapoor
Lyft, Inc. (NASDAQ:LYFT) exceeded first-quarter sales expectations with $1.28 billion, a 27.59% increase year-over-year, despite missing EPS estimates with a loss of 8 cents per share. Analysts from DA Davidson and Truist Securities raised their price targets to $18, while Needham reiterated a Hold rating. Lyft anticipates Q2 gross bookings between $4 billion and $4.1 billion, with an adjusted EBITDA of $95 million to $100 million. Lyft shares dropped 5.3% to close at $16.60.
May 08, 2024 | 1:06 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Lyft reported strong Q1 sales of $1.28 billion, surpassing estimates, but its shares fell 5.3% after the earnings announcement. Analysts have raised their price targets, indicating a positive outlook.
Despite missing EPS estimates, Lyft's strong sales performance and raised price targets by analysts suggest a positive short-term outlook. However, the immediate stock price drop reflects mixed market reactions. The raised price targets and positive sales growth could lead to a recovery in stock price, hence the positive score.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100