Needham Releases a Buy Rating on Lyft (LYFT)


Needham analyst Brad Erickson assigned a Buy rating to Lyft (LYFT) today and set a price target of $50.00. The company’s shares closed last Wednesday at $43.40.

According to TipRanks.com, Erickson is a 5-star analyst with an average return of 34.9% and a 63.9% success rate. Erickson covers the Technology sector, focusing on stocks such as Zillow Group Class C, Zillow Group Class A, and Fiverr International.

Lyft has an analyst consensus of Moderate Buy, with a price target consensus of $45.60, a 16.8% upside from current levels. In a report issued on November 25, Tigress Financial also reiterated a Buy rating on the stock.

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Based on Lyft’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $500 million and GAAP net loss of $460 million. In comparison, last year the company earned revenue of $956 million and had a GAAP net loss of $463 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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