BofA Securities Reiterates Buy Rating on Lyft (LYFT)

BofA Securities analyst Michael McGovern reiterated a Buy rating and $21.00 price target on Lyft (NASDAQ: LYFT)

THe analyst comments "Lyft CEO David Risher posted on X over the weekend: “SF is a growing market for rideshare. Even with Waymo on the road, our market share remains strong. In the SF Waymo ODD (operational design domain), @Lyft market share was 30.6% in Nov 2024 vs. 30.7% in Nov 2023, according to our validated external data source.” This message implies that share in SF is largely unch’d Y/Y, even with Waymo’s rapid growth. Lyft mgmt. also spoke at a conference last week, suggesting SF growth was steady, adding that “we are in all of the right conversations” and “you can expect more from us” on partnerships, as traditional rideshare networks provide marketplace management (tech & ops support) that AV OEMs can leverage to drive higher utilization. At the same conference, Uber mgmt. noted bookings growth in SF exceeds US growth rates, despite Waymo’s growth, and AVs are key to growing supply long-term, with rideshare penetration still only at 20% potential riders. Uber also noted that their Waymo scale in Austin and Atlanta will be in the “hundreds of vehicles” in each city, a significant scale."

For an analyst ratings summary and ratings history on Lyft click here. For more ratings news on Lyft click here.

Shares of Lyft closed at $14.14 yesterday.

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