Lyft shares reached a six-month high and pierced the 200-day moving average after reporting record second-quarter results, including an all-time high of over 30 million active riders and double-digit growth in gross bookings, active riders, and total revenue. The company guided for third-quarter gross bookings growth of 15% to 19%, straddling the consensus estimate of $5.58 billion. Analysts offered mixed reactions: RBC Capital raised its price target to $20 and maintained an Outperform rating, citing favorable mix shifts, while BofA Securities kept an Underperform rating with an $18 target, arguing the autonomous vehicle debate will be the top stock driver. Wells Fargo maintained an Equal Weight rating with a $19 target, expressing concern over higher prices and consumer incentives, and Oppenheimer reiterated Outperform with a $20 target, noting shares could rise as short positions unwind.
LYFT IncRecord Q2 results with all-time high active riders and double-digit growth, plus raised guidance and analyst price target hikes.
Uber Technologies Inc