Wells Fargo Believes Lyft (LYFT) Won’t Stop Here


In a report issued on April 7, Brian Fitzgerald from Wells Fargo maintained a Buy rating on Lyft (LYFT). The company’s shares closed last Tuesday at $62.33, close to its 52-week high of $68.28.

According to TipRanks.com, Fitzgerald is a top 25 analyst with an average return of 42.9% and a 80.9% success rate. Fitzgerald covers the Technology sector, focusing on stocks such as LiveRamp Holdings, Uber Technologies, and ANGI Homeservices.

Currently, the analyst consensus on Lyft is a Strong Buy with an average price target of $70.19, implying a 18.4% upside from current levels. In a report issued on April 5, Evercore ISI also initiated coverage with a Buy rating on the stock with a $73.00 price target.

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Based on Lyft’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $570 million and GAAP net loss of $458 million. In comparison, last year the company earned revenue of $1.02 billion and had a GAAP net loss of $356 million.

Based on the recent corporate insider activity of 75 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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