Citi Starts Lyft (LYFT) at Buy

Citi analyst Itay Michaeli initiates coverage on Lyft (NASDAQ: LYFT) with a Buy rating and a price target of $70.00.

• Likes the attractive risk/reward in the race for networked mobility.
• "We’re sitting in the early-innings of a transition that we believe is likely to upend the current personal mobility value-chain—resulting in lucrative addressable markets (of various forms) for the network winners. We view Lyft to be well-positioned to participate in this LT upside proposition, and we like the company’s concentrated focus (U.S./Canada, rides) and net cash position in what can be a volatile industry."

For an analyst ratings summary and ratings history on Lyft click here. For more ratings news on Lyft click here.

Shares of Lyft closed at $59.54 yesterday.

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