UPDATE: Lyft (LYFT) PT Lowered to $69 as Credit Suisse Expects 2019 Levels Not to Return Until End of '23

Credit Suisse analyst Stephen Ju lowered the price target on Lyft (NASDAQ: LYFT) to $69.00 (from $84.00) ahead of 3Q21 results, on Nov 2nd. FY21/FY22 Adj. EPS estimates drop to ($0.61)/($0.15) vs the prior ($0.57)/$0.30.

Despite the cut, the analyst maintained an Outperform rating, stating "While demand trends continue to improve QOQ, we elect to take a more conservative volume recovery stance in the medium term – with the underlying assumption that driver supply growth will be more gradual. Our model now reflects a scenario in which ASPs and driver incentives remain elevated throughout 1H22, with Active Riders and frequency returning to prepandemic levels by 4Q23.".

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