Lyft: Susquehanna lowers target price

(CercleFinance.com) - Maintaining a "neutral" rating on Lyft shares, "given the likely near-term turmoil," Susquehanna has reduced its target price for them to $9 (from $11), in the wake of new estimates for the VTC services platform.


"The company is focusing on pricing its rides more competitively to win back share, which is weighing on unit economics per ride," the broker said, in light of Lyft's weaker-than-expected Q2 outlook.

Susquehanna has cut its 2023 revenue estimate by 4%, while slashing its EBITDA forecast by 28%. It has, however raised its EPS estimate by 26%. For 2024, the broker has reduced its revenue estimate by 6%, with EBITDA and EPS forecasts cut by by 29% and 28% respectively.


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