Lyft price target raised to $18 from $13 at Bernstein

Bernstein analyst Nikhil Devnani raised the firm’s price target on Lyft (LYFT) to $18 from $13 and keeps a Market Perform rating on the shares. The firm says a solid Q3 with constructive guidance into Q4 leaves it feeling better about Lyft and industry growth. Bernstein thinks the Q4 guide implies some share gain vs. Uber (UBER), as efforts to bring down Prime Time and Price Lock are driving better conversion rates and frequency.