(News Bulletin 247) – While maintaining its ‘neutral’ stance on Lyft ‘given the likely short-term turbulence’, Susquehanna lowers its price target from $11 to $9, in the wake of new estimates for the services platform of VTC.
“The company is focusing on more competitive pricing for its trips to regain market share, which is weighing on the unit economy per trip,” points out the broker, given Lyft’s weaker than expected outlook for its second quarter.
Susquehanna is cutting its 2023 revenue estimate by 4% and EBITDA by 28%, but increasing EPS by 26%. For 2024, it lowers its revenue expectations by 6%, EBITDA by 29% and EPS by 28%.
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