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As Lyft Inc. (NASDAQ:LYFT) navigates through 2024, recent earnings reports and revised guidance have prompted a diverse range of opinions from analysts. The company, which has faced both operational challenges and strategic shifts, is being assessed with varying degrees of optimism and caution by market experts.
Here are the key insights from analysts following the company’s Q2 earnings report released on Wednesday.
Truist Securities has a Hold rating on Lyft and has reduced its price target from $18 to $13. While the company's efforts to reduce pricing volatility and improve operational efficiency are seen as positive, Truist remains wary of Lyft's ability to meet its long-term growth targets amid competitive pressures and pricing effects.
RBC Capital Markets holds an Outperform rating on Lyft, dropping its price target from $24 to $17. The firm's revision is driven by lower-than-expected bookings and pricing pressures but maintains an optimistic view on Lyft's long-term prospects. RBC acknowledges the company's strategic initiatives, such as the introduction of the Price Lock feature, which aims to provide price stability and potentially drive volume growth.
J.P. Morgan also adopts a Neutral rating on Lyft with a revised price target from $18 to $15. The firm's cautious outlook reflects mixed results from Lyft's second-quarter performance and a lighter third-quarter guidance. J.P. Morgan highlights the pressure on Gross Bookings due to reduced Prime Time pricing and the need for Lyft to demonstrate improved rides volume and Free Cash Flow conversion. The adjustment in estimates for 2025 and 2026 underscores concerns about whether Lyft can achieve its long-term growth objectives in the near term.
Needham & Company maintains a Hold rating on Lyft, citing concerns about the short-term impacts of pricing changes on ride volumes. The introduction of the Price Lock feature—aimed at providing price stability for commuters—could be beneficial long-term, but Needham is cautious about how quickly Lyft can recover the lost revenue through increased ride volumes.
The firm highlights the need for Lyft to demonstrate that its new pricing strategies will effectively drive higher user engagement and offset initial revenue declines.
LYFT Price Action: LYFT shares finished 10.9% higher at $10.07 on Thursday, according to Benzinga Pro.
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Posted In: LYFT
