Neutron Holdings (LIME) PT Lowered to $33 at Citizens - 'Quarter Appears Less Positive than Hoped'

Citizens analyst Andrew Boone lowered the price target on Neutron Holdings (NASDAQ: LIME) to $33.00 (from $45.00) while maintaining a Market Outperform rating.

The analyst commented, "Neutron Holdings (d/b/a Lime) reports 3Q26 earnings on Tuesday, November 3, after market close. We expect Lime to report results near the high end of guidance but worry that the revenue beat will be less than 2Q26's as our tracking of publicly available trip data suggests that U.S. trip growth slowed in 3Q26. While we acknowledge that we have a small data set, the worry is that Lime is still adjusting its merchandising of Lime Prime. Slowing trip growth suggests that Lime is moving away from Lime Prime as a tool to drive frequency, as we believe the company traded trip growth for pricing in 2Q26. This as the benefit of the World Cup faded in 3Q while weather was also likely an incremental headwind to trip growth. To be clear, we believe this is already factored into shares with the stock down ~8% in the last month (vs. -3% for the NASDAQ) while shares are just ~5% above the IPO price of $25 and ahead of the lock-up expiration on December 7, but our estimates now appear less conservative (though still beatable). Net/net, while we continue to believe shares are undervalued, this quarter appears less positive than we hoped as we are reducing our price target to $33 from $45 but maintain our Market Outperform rating."

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