Lyft (LYFT) PT Raised to $18 at BMO Capital

BMO Capital analyst Brian J. Pitz raised the price target on Lyft (NASDAQ: LYFT) to $18.00 (from $13.00) while maintaining a Market Perform rating.

The analyst commented, "3Q24 Bookings growth of 16% exceeded expectations on Canada expansion and better-than-expected back-to-school activations. While this exceeded BMO/Street forecasts, we look for greater signals on the durability of these trends and the DoorDash partnership, which is likely a 2H25 event. Canada is a competitive market, with Lyft's larger U.S. peer already operating in the country. While insurance costs moderate, they grow quicker than Bookings (+26% vs 15% for 4Q24E). Maintain Market Perform. We increase our target price to $18 from $13."

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