Lyft price target lowered to $13 from $19 at Roth MKM

Roth MKM analyst Rohit Kulkarni lowered the firm’s price target on Lyft to $13 from $19 and keeps a Neutral rating on the shares. The analyst cites the company’s “soft” Q2 bookings and below-consensus bookings outlook reported last week. While Lyft reiterated the FY24 outlook for Bookings and Rides growth, the firm is now skeptical on how achievable are Lyft’s financial targets laid out in early June calling for $25B in gross bookings, $1B in EBITDA, and $900M in free cash flow in FY27, Roth MKM tells investors in a research note.