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Sectors

Sector Update: Tech Stocks Decline Premarket Wednesday

Technology stocks were declining premarket Wednesday, with the State Street Technology Select Sector SPDR Fund (XLK) down 0.6% and the iShares Semiconductor ETF (SOXX) 1% lower.Meta Platforms (META) shares were up more than 4% after the company launched a new personal artificial intelligence agent to help users complete tasks and pursue goals.Alphabet's (GOOG, GOOGL) Google will pour at least 13 billion euros ($15.1 billion) into AI infrastructure in Finland in 2027 through 2028, the company said. Alphabet stock was down more than 1% pre-bell.Lyft (LYFT) appointed Michael Brous as chief financial officer, effective Sept. 28. Additionally, the company reaffirmed its guidance for Q3, expecting quarterly gross bookings between $5.50 billion and $5.67 billion and adjusted EBITDA of $183 million to $203 million. Shares of Lyft were down more than 2% premarket.

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Research

Rosenblatt Initiates Lyft at Neutral

Lyft (LYFT) has an average rating of overweight and mean price target of $20.05, according to analysts polled by FactSet.

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Wire

Lyft Investors Seek Clearer View of Underlying US Organic Growth, RBC Says

Lyft (LYFT) investors are seeking a clearer view of US organic growth rates following the overall 330-basis-point Q2 rides acceleration, as the Canadian market nearly doubled year over year, recent acquisitions boosted growth into Q2 and Q3, and the World Cup provided a Q2 bump, RBC Capital Markets said in a note.The company's management pointed to less-dense markets, premium rides and ramping partnerships as evidence that the US is a "solid" growth market, according to the note.RBC further said it estimates partner-linked rides grew by about 33 million in Q2 versus overall rides growth of 28 million, including acquisitions, and thus investor feedback likely reflects "the desire for more comfort with the underlying organic growth rate to support the stock's multiple."RBC has an Outperform rating on Lyft and a $20 price target.Price: $17.35, Change: $+0.13, Percent Change: +0.73%

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Wire

Lyft's Growth Outlook Lifted by Partnerships, International Expansion, UBS Says

Lyft's (LYFT) growth should continue to be supported by partnerships, premium offerings, shared bikes and international markets following strong Q2 results, UBS Securities said Friday in a report.UBS raised its estimates after management guided to healthy Q3 growth across rideshare, bikes and Freenow, a European ride-hailing and mobility platform. Gross bookings in Q2 rose 23% from a year earlier, while active riders reached a record 30.5 million, the report said.Progress in Lyft's core US rideshare business remains important to monitor, and adjusted EBITDA margins will need to improve from 3.2% of gross bookings to reach the company's 4% margin target for 2027, the report said.UBS raised its price target on Lyft stock $17 from $16 and maintained its neutral rating.Price: $17.27, Change: $+0.97, Percent Change: +5.92%

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Wire

Lyft Q2 Rides, Gross Bookings Growth Support Higher Estimates, RBC Says

Lyft (LYFT) posted a "solid" Q2 as rides and gross bookings grew across its US rideshare, Freenow and bikeshare businesses, supporting higher estimates and a more constructive outlook, RBC Capital Markets said in a report emailed Friday.Gross bookings rose 23% from a year earlier to $5.5 billion, while rides increased 12% to 262 million. The firm said growth was helped by Freenow, premium ride options and record airport activity during the 2026 FIFA World Cup.Accelerating organic ride growth in 2H and stronger-than-average growth in San Francisco, where rides increased about 20%. That performance was viewed as "encouraging" for the argument that autonomous vehicles could expand the overall ride-hailing market rather than simply displace existing demand, according to the report.Lyft is also shifting toward higher-value services, including "premium modes" and partner rides, while continuing work on a "unified customer facing" app for 2027. The firm raised the company's 2026 and 2027 bookings, revenue and adjusted earnings before interest, taxes, depreciation, and amortization estimates, according to the report.RBC has an outperform rating on Lyft and increased the price target to $20 from $18.Price: $17.05, Change: $+0.75, Percent Change: +4.60%

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Uber's Shares Fall After Second-Quarter Revenue Miss, Weak Bookings Outlook
Wire

Uber's Shares Fall After Second-Quarter Revenue Miss, Weak Bookings Outlook

Uber Technologies' (UBER) shares fell Wednesday after the ride-hailing company's second-quarter revenue missed market estimates and it provided a soft third-quarter bookings guidance.The ride-hailing company's second-quarter revenue increased 12% to $14.19 billion, missing the FactSet-polled estimate of $14.24 billion. Adjusted earnings rose to $0.81 per share from $0.60 a year earlier, compared with Wall Street's consensus of $0.80.Shares of the company declined 6.9% in Wednesday trade, and are down 18% so far this year.The company forecast third-quarter bookings of $58.25 billion to $60.25 billion, with the midpoint of $59.25 billion below the consensus estimate of $59.37 billion. The guidance implies year-over-year growth of 18% to 22% on a constant currency basis.A soft bookings guidance comes despite a stronger-than-expected performance in the June quarter, when bookings surged 24% year over year to a record $58.02 billion. The consensus indicated $57.25 billion.Trips, which advanced 18% to 3.87 billion, continued to be the primary driver of gross bookings growth, Chief Financial Officer Balaji Krishnamurthy said in prepared remarks.The mobility segment's bookings rose 22% annually to $28.99 billion in the second quarter, while delivery and freight climbed 26% and 25%, respectively.Uber guided for third-quarter non-GAAP earnings of $0.84 to $0.88 per share. The outlook's midpoint trailed the Street's $0.87 estimate. The guidance represents year-over-year growth of 28% to 35%.Separately on Wednesday, Uber and autonomous driving technology firm Wayve said Transport for London granted private hire vehicle licenses to Wayve's all-electric Ford Mustang Mach-E vehicles. Wayve's vehicles operate autonomously, but a trained driver will be onboard.Food delivery company DoorDash (DASH) reports second-quarter earnings after market close Wednesday, while results for ride-hailing company Lyft (LYFT) are scheduled for release on Thursday.Uber remains an attractive free cash flow play that trades at a discount to peers despite its enhanced capital expenditure in autonomous vehicles, Oppenheimer said in a note late last month. The planned acquisition of Delivery Hero "has obvious upside with cross-platform coverage and cost synergies," according to the brokerage.In July, Uber agreed to buy Germany-based delivery platform Delivery Hero.Price: $67.07, Change: $-4.93, Percent Change: -6.84%

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Sectors

Sector Update: Consumer Stocks Mixed Late Afternoon

Consumer stocks were mixed late Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 0.8%.In corporate news, Paramount Skydance (PSKY) won conditional approval from the European Commission for its acquisition of Warner Bros. Discovery (WBD). Paramount shares rose 2.5%, and Warner gained 0.3%.Uber (UBER) and Lyft (LYFT) were granted a preliminary injunction by US District Judge Gregory Woods, blocking a recently enacted New York City law protecting ride-share drivers from "wrongful deactivations." Uber shares fell 2%, and Lyft slumped 4.2%.Alaska Air (ALK) shares fell 3% after the airline issued a Q3 earnings outlook below market estimates and swung to a Q2 loss as higher fuel costs weighed on results.Philip Morris International (PM) reported better-than-expected Q2 results and reiterated its full-year outlook. The shares climbed 3.3%.

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Wire

Update: Uber, Lyft Granted Preliminary Injunction Blocking New York City Law Against 'Wrongful Deactivations' of Drivers

(Updates with Uber's response in the fifth paragraph.)Uber Technologies (UBER) and Lyft (LYFT) were granted a preliminary injunction by US District Judge Gregory Woods on Wednesday, blocking a recently enacted New York City law protecting ride-share drivers from "wrongful deactivations."Judge Woods said that each company's agreements with drivers conferred broad authority over platform access, including the right to deactivate a driver without advance notice, which Uber and Lyft use to police the safety of their platforms and their passengers, according to court documents.While the New York City Council law takes into account the hardships that wrongful deactivation imposes on drivers, it does not consider the law's effects on the broader citizenry of the city, whose safety depends in part on swift deactivation of drivers accused of assault, fraud or dangerous conduct, the court order said.A Lyft spokesman toldin an email that the company was "pleased the court recognized the serious safety concerns at the heart of this challenge. Lyft's ability to protect riders is a top priority. We now look forward to making our full case."An Uber spokesperson toldthat the court's opinion underscores that driver fairness and rider safety can and must go hand in hand.Price: $70.85, Change: $-0.70, Percent Change: -0.99%

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Wire

Uber, Lyft Granted Preliminary Injunction Blocking New York City Law Against 'Wrongful Deactivations' of Drivers

Uber Technologies (UBER) and Lyft (LYFT) were granted a preliminary injunction by US District Judge Gregory Woods on Wednesday, blocking a recently enacted New York City law protecting ride-share drivers from "wrongful deactivations."Judge Woods said that each company's agreements with drivers conferred broad authority over platform access, including the right to deactivate a driver without advance notice, which Uber and Lyft use to police the safety of their platforms and their passengers, according to court documents.While the New York City Council law takes into account the hardships that wrongful deactivation imposes on drivers, it does not consider the law's effects on the broader citizenry of the city, whose safety depends in part on swift deactivation of drivers accused of assault, fraud or dangerous conduct, the court order said.A Lyft spokesman toldin an email that the company was "pleased the court recognized the serious safety concerns at the heart of this challenge. Lyft's ability to protect riders is a top priority. We now look forward to making our full case."Uber did not immediately respond to a request for comment.Price: $70.63, Change: $-0.92, Percent Change: -1.29%

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Wire

Lyft to Acquire Serveo's Bikeshare Business in Spain

Lyft (LYFT) said Wednesday its micro-mobility division, Lyft Urban Solutions, intends to acquire Serveo's bikeshare business in Spain.The business runs bikeshare operations in major Spanish cities including Barcelona, Bilbao, Valladolid and Zaragoza and Lyft said it will continue its role as the technology and hardware provider for all of these programs.The transaction is not expected to have a material impact on Lyft's financial results, the company said.Financial terms were not disclosed.Price: $14.92, Change: $-0.52, Percent Change: -3.37%

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Wire

Lyft's Competitive Position Remains Stable Despite Growth Concerns, RBC Says

Lyft (LYFT) remains on "stable competitive footing" despite investor concerns about slowing US rides growth, RBC Capital Markets said in a report Wednesday, following a post-earnings discussion with Chief Financial Officer Erin Brewer.Investor concerns have centered on implied low-single-digit US rides growth after adjusting for contributions from Canada, Europe and the Freenow acquisition, though management expects ride acceleration in Q2, RBC said, adding that its management's focus remains on expanding bookings through international markets, partnerships and premium ride offerings rather than solely increasing ride volumes.New autonomous vehicle "entrants" have not had a noticeable negative effect on Lyft's growth and may instead be helping attract new riders to the "shared mobility" market, the report said.The firm also highlighted Lyft's partnership with Alphabet's (GOOG, GOOGL) Waymo in Nashville, Tennessee, as a key area of focus, with management aiming to demonstrate "strong execution" as Waymo's "fleet partner" before expanding the relationship further.RBC has an outperform rating on Lyft with a price target of $18.Price: $13.16, Change: $-0.02, Percent Change: -0.15%

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Research

Research Alert: CFRA Maintains Hold Opinion On Shares Of Lyft, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We keep our price target at $16, 7.5x our 2027 EPS view ($2.12), below LYFT's three-year average (~14x) given ongoing margin pressure and the industry's shift toward autonomous rides, creating significant uncertainty. We lower our 2026 EPS view by $0.01 to $1.55 and lift 2027's by $0.18 to $2.12. Rides growth (8.5% Y/Y in Q1) has decelerated sharply from 16.4% in the prior-year period (including ~150 bps of weather-related headwinds), but gross bookings growth (+18.8% vs. +12.7% in Q1 2025) has continued to accelerate and was guided higher in Q2 (~19.5%), demonstrating LYFT's growing footprint in the premium space. While Q2's adjusted EBITDA margin guide (~3.15%, +30 bps Y/Y) also shows encouraging expansion after only ~10 bps of improvement in Q1, we still see margin pressures from elevated promotional costs and rising competition, with management's 2027 target of 4% continuing to look optimistic. We worry that additional capital investment in AVs will become a competitive necessity, pressuring cash flow.

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Wire

Lyft Seen Facing Competitive Pressures Even as Rides Rebound, RBC Says

Lyft (LYFT) may face continued investor concerns around organic growth and rising customer incentives, even as overall trip volumes are expected to accelerate through the year, RBC Capital Markets said Friday in a report.Spending on sales and marketing almost doubled from a year earlier, with rider incentives up 17%, signaling increasing competitive pressures, the report said.Still, RBC highlighted strong international expansion, including the acquisition of Gett's UK business, growth at FreeNow across nine European countries, and 50% ride growth in Canada.RBC lowered its price target on Lyft stock to $18 from $22 and maintained its outperform rating.Price: $14.22, Change: $+0.05, Percent Change: +0.39%

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Wire

RBC Cuts Price Target on Lyft to $18 From $22, Keeps Outperform Rating

Lyft (LYFT) has an average rating of overweight and mean price target of $19.78, according to analysts polled by FactSet.Price: $14.44, Change: $+0.28, Percent Change: +1.94%

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Research

Research Alert: Lyft Posts In-line Results, Kpi Deceleration But Resilient Guidance

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:LYFT reported Q1 results near expectations, with revenue of $1.65B (+14% Y/Y) slightly above the consensus view ($1.63B) and GAAP EPS of $0.04 just missing expectations for $0.07. Adjusted EBITDA of $133M (+25% Y/Y) was near consensus ($131M), with margin expanding 10 bps Y/Y (-30 bps Q/Q) to 2.7% of gross bookings. Demand metrics remained strong but decelerated slightly, with gross bookings up 19% to $4.9B (flat with Q4's growth), Active Riders growing 17% to 28.3M (vs. Q4's +18%) and Rides decelerating to 8.5% growth from 11.4% in Q4, with management continuing to prioritize profitability over volume. Q2 guidance was encouraging, with gross bookings guided to $5.365B (+19.5% Y/Y) and adjusted EBITDA guided to ~$170M (+32% Y/Y), both representing modest acceleration. Partnerships remain a key growth driver, with 27% of North American rides in Q1 linked to partnerships and DoorDash-linked rides hitting a record high. Free cash flow of $287M significantly exceeded Street expectations ($130M).

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Wire

DoorDash, Lyft Expand Partnership Into Canada

DoorDash (DASH) and Lyft (LYFT) said Thursday they are expanding their partnership into Canada, enhancing the value of DashPass by introducing rideshare savings for members.DashPass is DoorDash's membership program designed to help customers save on everyday purchases, offering free delivery and reduced service fees on eligible orders.The expansion aims to transform DashPass into a broader lifestyle membership and help Lyft reach a new rider base, according to the statement.DashPass members can save on Lyft through upfront discounts on eligible rides, the statement added.Price: $169.50, Change: $+0.16, Percent Change: +0.10%

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