BofA Securities Reiterates Buy Rating on Lyft (LYFT)

BofA Securities analyst Michael McGovern reiterated a Buy rating and $12.00 price target on Lyft (NASDAQ: LYFT).

The analyst comments "Lyft reported 2Q bookings/EBITDA of $4.49bn/$129mn, mostly in line with the Street at $4.5bn/$124.7mn, with 2Q Active Riders at 26.1mn slightly above the Street at 25.9mn, and 3Q Bookings guidance for $4.65-4.80bn above the Street at $4.60bn, though FreeNow acquisition close likely driving most upside. 3Q EBITDA of $125-145mn brackets the Street at $136mn prior. Biggest positive from print was likely mgmt’s announcement of a partnership with United Airlines (set to launch later this year), following Lyft’s loss of Delta as a partner to Uber earlier this year."

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 $13.99 yesterday.

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