Lyft (LYFT) PT Lowered to $12 at TD Cowen on 'Softening Macro'

TD Cowen analyst John Blackledge lowered the price target on Lyft (NASDAQ: LYFT) to $12.00 (from $14.00) while maintaining a Hold rating.

The analyst commented: "Expect Solid 1Q GBS; Trimming 2H25 Est's on Softening Macro; We expect 1Q25 rev to grow 14.8% y/y (vs +26.6% y/y in 4Q24), comprising GBs +12.7% y/y, a slight seq decel amid tougher y/y comps; our rev est. of $1.47BN is (0.2%) vs cons. We forecast $92.1MM EBITDA, +55% y/y vs guide of $90MM-$95MM & cons $92.5MM; we expect investors to focus on rideshare trends into April. We trimmed est's amid macro; DCFbased PT goes to $12.

Lyft shares are down 21% since reporting 4Q24 earnings on 2/11 (vs a 10% decline for the S&P 500). When LYFT reports 1Q25 results, we expect investors to focus on rideshare trends into 2Q25, especially rideshare volume, which we est. will accel slightly to 15% y/ y growth amid strong rider growth. We also expect investors to focus on margin trends, given dynamic of insurance renewals (most were done in 4Q24); of note, mgmt. cited less incremental ins exp vs the 4Q23 renewal. We'll also look for any commentary on current macro backdrop given potential for slowdown in the travel sector."

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