Lyft Gets Price Targets Cut By Analysts After Weak Guidance

Lyft, Inc. (NASDAQ:LYFT) reported better-than-expected sales for its fourth quarter, but issued Q1 revenue guidance below analyst estimates.

Lyft said fourth-quarter revenue increased 21% year-over-year to $1.18 billion, which beat average analyst estimates of $1.16 billion.

Lyft sees first-quarter revenue of approximately $975 million versus estimates of $1.09 billion. The company sees Q1 adjusted earnings before interest, tax, depreciation and amortization of $5 million to $15 million, versus estimates of $83.6 million.

Lyft shares dropped 32.2% to $11.00 in pre-market trading.

These analysts made changes to their price targets on Lyft following the release of results.

• Truist Securities cut the price target on Lyft from $40 to $14. Truist Securities analyst Youssef Squali downgraded the stock from Buy to Hold.
• DA Davidson cut the price target on Lyft from $19 to $12.5. DA Davidson analyst Tom White downgraded the stock from Buy to Neutral.
• Loop Capital lowered the price target on Lyft from $17 to $10. Loop Capital analyst Rob Sanderson downgraded the stock from Buy to Hold.
• Piper Sandler slashed the price target on Lyft from $16 to $15. Piper Sandler analyst Alexander Potter maintained the stock with an Overweight.
• JP Morgan cut the price target on Lyft from $29 to $15. JP Morgan analyst Doug Anmuth downgraded the stock from Overweight to Neutral.
• Wedbush lowered the price target on Lyft from $17 to $13. Wedbush analyst Daniel Ives downgraded the stock from Outperform to Neutral.