Lyft (LYFT) PT Raised to $72 as Morgan Stanley Sees Per-Trip Subsidies Dropping
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Morgan Stanley analyst Brian Nowak raised the price target on Lyft (NASDAQ: LYFT) to $72.00 (from $70.00) on the belief that the company is set to balance profitability/growth, and there no signs of price war between the two leading companies. The analyst saw 3 key takeaways from the report:
1) Near-term driver subsidies will continue, but the per trip trends are headed in the right
direction. Driver incentives of ~$2.50 per estimated 3Q trip compared to ~$2.80 per trip in subsidies in 2Q
2) The company expects to remain profitable, balancing growth and profitability but leaning toward growth.
3) There are no signals of heavy ride subsidies ahead.
The analyst reiterated an Equalweight rating, stating "
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