Key Takeaways
- Lyft shares surged over 20% Thursday as analysts raised their price targets following better-than-expected third quarter results.
- The rideshare company posted a smaller net loss than expected and lifted its projection for full-year bookings above estimates.
- Analysts said Lyft's agreements with multiple autonomous vehicle software makers could help Lyft compete with Uber and Tesla in the race to get AVs in more markets.
Lyft (LYFT) shares jumped 23% Thursday as sᩚᩚᩚᩚᩚᩚᩚᩚᩚ𒀱ᩚᩚᩚeveral analysts lifted their price targets for the ridesharing company's stock after its third-quarter results and fourth-quarter outlook came in better than expected.
Lyft reported a smaller net loss than expected 澳洲幸运5官方开奖结果体彩网:after the bell Wednesday, hours after 澳洲幸运5官方开奖结果体彩网:announcing a trio of partnerships with autonomous vehicle (AV) software makers that analysts said could help Lyft catch rideshare rival Uber (UBER) and Tesla (TSLA) by 澳洲幸运5官方开奖结果体彩网:working on its own "robotaxi" effort.
Analysts from Deutsche Bank, Wedbush, and JPMorgan all raised their price targets for Lyft stock following Wednesday's results. Deutsche Bank said Lyft is seeing "strong demand trends" in its third-quarter results that extended into its better-than-expected fourth-quarter projections.
JPMorgan analysts said Lyft's new partnerships "enhance Lyft’s AV positioning amidst ongoing announcements from Uber," which has announced agreements in recent months with AV makers like Alphabet's (GOOGL) Waymo and General Motors' (GM) Cruise.
Analysts 澳洲幸运5官方开奖结果体彩网:have said previously that a lack of details at Tesla's robotaxi unveiling could help Lyft and 澳洲幸运5官方开奖结果体彩网:Uber attract partnerships 🙈from other AV makers looking to grow market share before Tesla's AVs enter the picture.
Lyft shares were recently at their highest levels since May, up some 20% for the year. Uber's shares were off 1.5%.