UBS has adjusted its price target for Lyft Inc. from $12 to $13, while keeping its "neutral" rating. This change is based on a Q3 preview for the ridesharing and food delivery sector, which indicates stable usage numbers and minimal market share shifts, according to Sensor Tower data.
The main reason for adjusting the revenue forecast is a weaker currency headwind. Despite positive signals from Lyft at a recent conference, which have led investors to expect mid-teens percentage growth, UBS remains cautious due to ongoing market challenges.
The firm notes that while the price target has increased, there has been no significant improvement in overall market share development.