These Analysts Boost Their Forecasts On Lyft Following Strong Sales

Lyft, Inc. LYFT posted stronger-than-expected sales for its first quarter.

Lyft reported quarterly losses of 8 cents per share which missed the analyst consensus estimate of earnings of 3 cents per share. Quarterly sales came in at $1.28 billion which beat the analyst consensus estimate of $1.16 billion by 10.02% and represented a 27.59% increase over sales of $1 billion from the same period last year, according to data from Benzinga Pro.

"Lyft is off to a strong start in 2024. We are executing well and bringing much-needed innovation to the market. That's why drivers and riders are choosing Lyft more often," said CEO David Risher. "After a year in the driver's seat at Lyft I'm thrilled to see all the ways that our customer obsession drives profitable growth."

The company saw second-quarter gross bookings of between approximately $4 billion and $4.1 billion, adjusted EBITDA of between $95 million and $100 million and an adjusted EBITDA margin of approximately 2.4%.

Lyft shares fell 5.3% to close at $16.60 on Tuesday.

These analysts made changes to their price targets on Lyft following earnings announcement.

• DA Davidson raised the price target on Lyft from $15 to $18. DA Davidson analyst Tom White maintained a Neutral rating.
• Truist Securities boosted the price target on Lyft from $15 to $18. Truist Securities analyst Youssef Squali maintained a Hold rating.
• Needham analyst Bernie McTernan reiterated Lyft with a Hold.

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