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."
Shares of Lyft closed at $45.50 yesterday.
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