Goldman Sachs Upgrades Lyft (LYFT) to Buy, Says Growth Exceeded Expectations & Profitability is Improving

(Updated - October 31, 2019 6:54 AM EDT)

(updated prior PT, comment)

Goldman Sachs analyst Heath Terry upgraded Lyft (NASDAQ: LYFT) from Neutral to Buy with a price target of $58.00 (from $71.00).

The analyst comments "Lyft continues to gain share and is beginning to show the operational efficiencies that we've previously noted are critical to the ridehailing industry maturing beyond its hyper-competitive, venture-funded phase. With the stock trading at ~3x FY20 Sales versus comps at 3.6x, despite a growth rate that is ~2x faster, we believe the risk/reward in owning LYFT at these levels is favorable and raise our rating from Neutral to Buy."

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 $45.50 yesterday.

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