Lyft's Steady Performance In Q3 Reinforces Rating: Analyst Highlights Ride-Hailing Resilience

Benzinga ·  11/23/2023 02:54

Piper Sandler analyst Alexander Potter maintained an Overweight rating on Lyft, Inc (NASDAQ:LYFT) with a price target of $14. LYFT shares are down 3% since reporting 3Q results on November 8. Revenue of $1.158 billion beat his estimate of $1.139 billion and consensus of $1.143 billion. LYFT disclosed $3.55 billion in 3Q gross bookings, averaging ~$19 per ride. While LYFT's 3Q take rate of 33% is higher than Uber Technologies, Inc's (NYSE:UBER) 3Q mobility take rate of 28%, the difference is mostly due to the inclusion of micro-mobility in LYFT's GB figure, as per the analyst. Although the results beat expectations, Potter notes that investors may have been

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