In a report released yesterday, Daniel Ives from Wedbush maintained a Buy rating on Lyft (LYFT). The company’s shares closed last Tuesday at $27.07.
According to TipRanks.com, Ives is a 5-star analyst with an average return of 18.5% and a 61.9% success rate. Ives covers the Technology sector, focusing on stocks such as SailPoint Technologies Holdings, Nuance Communications, and Palo Alto Networks.
Currently, the analyst consensus on Lyft is a Moderate Buy with an average price target of $42.50, a 56.9% upside from current levels. In a report issued on September 25, J.P. Morgan also maintained a Buy rating on the stock with a $38.00 price target.
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Based on Lyft’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $339 million and GAAP net loss of $437 million. In comparison, last year the company earned revenue of $867 million and had a GAAP net loss of $644 million.
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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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