Lyft (LYFT) Reaches Positive EBITDA for the First Time, Next year, Hundreds of Millions is Likely - RBC
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RBC Capital analyst Brad Erickson reiterated an Outperform rating and $70.00 price target on Lyft (NASDAQ: LYFT) after the company handily beat revenue in the quarter on significant active rider upside and pricing tailwinds stemming from the ongoing driver shortages. Additionally, the company finally reached adjusted EBITDA profitability which was largely on the back of the supply-constrained pricing tailwinds. July trends regarding driver additions continue to evolve positively on the margin and anecdotal commentary around key use cases like airports is positive.
The analyst stated "LYFT’s near-term outlook dampened an otherwise breakout quarter which saw the company report positive adjusted EBITDA for the first time. Bottom-line, while the near-term commentary on driver incentive spend was muted relative to expectations, we believe these forces remain entirely transitory and would urge investors to look through to next year where we expect LYFT to be on a path towards hundreds of millions of dollars of EBITDA."
Shares of Lyft closed at $55.38 yesterday.
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