Lyft Inc (LYFT) Initiated with a Buy at SunTrust Robinson


Lyft Inc (LYFT) received a Buy rating and a $68 price target from SunTrust Robinson analyst Youssef Squali today. The company’s shares closed yesterday at $59.54.

Squali wrote:

“We believe Lyft is benefiting from favorable secular and demographic trends affecting the emerging TaaS market. These are driven by the ubiquity and sophistication of personal mobile devices, and the ever-advancing set of consumer preferences, applied to the massive and highly inefficient $1.2T transportation market. We believe these trends are translating into robust, sustained growth for Lyft for years to come, and in time attractive profitability, making the stock a compelling “pure play” on this emerging segment in NA. Big Differentiator. Unlike Uber (Buy), which is more diversified and global, Lyft’s focus on personal mobility-only and on North America should allow it to continue to move faster, lead the industry in innovation and service, in our view.”

According to TipRanks.com, Squali is a top 100 analyst with an average return of 22.9% and a 67.6% success rate. Squali covers the Technology sector, focusing on stocks such as ANGI Homeservices Inc, IAC/InterActiveCorp, and Match Group Inc.

Lyft Inc has an analyst consensus of Moderate Buy, with a price target consensus of $70.74, implying a 18.8% upside from current levels. In a report issued on May 21, Jefferies also maintained a Buy rating on the stock with a $90 price target.

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The company has a one-year high of $88.60 and a one-year low of $47.17. Currently, Lyft Inc has an average volume of 10.9M.

Based on the recent corporate insider activity of 46 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of LYFT in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Lyft, Inc. operates as an online social rideshare community platform. It helps commuters to share rides with friends, classmates, and co-workers going the same way. The company was founded by Marcus Cohn, John Zimmer, Rajat Suri, Matt van Horn, and Logan Green in June 2012 and is headquartered in San Francisco, CA.

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