Lyft (LYFT) PT Raised to $11 at TD Cowen

TD Cowen analyst John Blackledge raised the price target on Lyft (NASDAQ: LYFT) to $11.00 (from $9.00) while maintaining a Market Perform rating.

The analyst commented, "We expect 2Q23 top line to comprise ~2% y/y active rider & rev / rider growth, reflecting a full qtr of lower base price. We forecast 2Q rev of $1.04BN, +4.5% y/y and +1.5% vs cons, comprising a seq decel vs +14.3% y/y in 1Q. We forecast $26.4MM EBITDA vs guide of $20MM-$30MM & cons $27.5MM, reflecting cost savings initiatives. We sightly adjusted est's, PT to $11. Maintain Market Perform."

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