Lyft (LYFT) PT Lowered to $16 at Bernstein SocGen Group

Bernstein SocGen Group analyst Nikhil Devnani lowered the price target on Lyft (NASDAQ: LYFT) to $16.00 (from $18.00) while maintaining a Market Perform rating.

The analyst commented: "We were hoping that Q2 would continue the momentum from Q1. However, 12% Gross Bookings (“GB”) growth and 14% Rides growth were lighter than we expected and the Q3 guide implies continued organic deceleration at the midpoint by our math. The business is seeing Active Riders and frequency expand, but the deceleration raises questions about GB strength in the out-years. The FREENOW acquisition helps bridge the growth rate back to the targeted mid-teens level, but the Street will look through this. With UBER growing in the highteens, pointing to Q3 acceleration in the US, and replicating some of LYFT’s recent product innovation, it seems simpler to stick with the bigger platform for now"

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