Lyft price target lowered to $13 from $19 at BMO Capital

BMO Capital lowered the firm’s price target on Lyft to $13 from $19 and keeps a Market Perform rating on the shares. The company’s Q2 Bookings growth of 17% and EBITDA margin of 2.6% showed progress, but its Q3 Bookings guidance of 12.5% at the low end was “underwhelming”, the analyst tells investors in a research note. Rider incentives are also rising, implying Q3 margin compression of about 30bps from Q2, BMO added.