Lyft (LYFT) PT Raised to $72 at Cowen on Profitability Guidance
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Cowen analyst John Blackledge raised the price target on Lyft (NASDAQ: LYFT) to $72.00 (from $56.00) noting that 4Q results were slightly ahead on rev / EBITDA while delivering on profitability, as management noted that positive EBITDA could arrive by 3Q21 assuming a macro recovery. Margin upside is predicated on improvement in the core business through out 2021. Management also cited progress in implementing Prop 22-related benefits.
The analyst reiterated an Outperform rating, stating "Our Outperform rating is based on LYFT's differentiated position as singularly focused on Transportation as a Service (TaaS), including expansion into bikes and scooters and AV,as well as developing initiatives designed to court driver loyalty, such as Express Drive(rental), Driver Centers, and bourgeoning financial services that support instant payment,among other benefits. Ride sharing is poised to benefit from a broad shift toward TaaS, with a massive addressable market, and we believe Lyft is well positioned to capitalize on this multiyear transition".
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