UBER - Lyft's Stock Soars On Stellar Q4 Results: Analysts Range From Cautious To Optimistic | Benzinga
Shares of Lyft Inc (NASDAQ: LYFT) climbed in early trading on Wednesday, after the company reported upbeat results for the fourth quarter.
The results came amid an exciting earnings season. Here are some key analyst takeaways from the release.
Truist Securities On Lyft
Analyst Youssef Squali maintained a Hold rating, while raising the price target from $13 to $15.
"Lyft's strategy early last year to lean in on pricing, on the customer experience and on product improvements as competitive differentiators bore fruit in 4Q23, with results showing accelerating growth in rides & rides' frequency,” Squali wrote in a note.
"A healthier marketplace and sustained momentum QTD bodes well for 1Q, driving higher than expected guidance, while directional 2024 commentary reflects a better growth outlook,” he added.
Piper Sandler On Lyft
Analyst Alexander Potter reiterated an Overweight rating, while lifting the price target from $14 to $17.
Lyft reported gross bookings of $3.72 billion for the fourth quarter, exceeding its guidance of $3.6 billion to $3.7 billion, Potter said. The performance of the stock in after-hours trading was "most likely” due to the company’s better-than-expected guidance for gross bookings in 2024, "as well as expectations for higher margins and positive FCF,” the analyst stated. "EBITDA margin as a % of GB is expected to expand 50 bps, to 2.1% in 2024,” he added.
Wedbush On ...