Lyft (LYFT) PT Raised to $78 at Jefferies Sees Profitability as Sustainable
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Jefferies analyst Brent Thill raised the price target on Lyft (NASDAQ: LYFT) to $78.00 (from $75.00) after the growth rate of 125% y/y (+26% q/q) improved from Q1's -36% and faced easy yr-ago Covid comp of -61%. Demand rebounded as seen in active riders +97% y/y (+27% q/q), while revenue per rider grew 14% y/y (-1% q/q) from elevated prices. Adj. EBITDA of +$24M beat guidance of -$35M to -$45M and St. -44M. Lyft expects to remain EBITDA profitable going forward and for the full year FY21.
The analyst reiterated a Buy rating, stating "Tweaking PT to/from $78/$75 based on unchanged EV/S multiple of 5.0x. This gives credit to recovering demand and achieving profitability. The 5.0x multiple is slightly higher than current marketplace peer median NTM EV/S 4.3x, but is below broader comp group median 6.4x and LYFT's pre-Covid peak levels of 6-7x."
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