Lyft Seen Facing Competitive Pressures Even as Rides Rebound, RBC Says
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RBC Capital Markets reports that Lyft (LYFT) may face competitive pressures despite a rebound in trip volumes. Sales and marketing spending has nearly doubled, with rider incentives up 17%. However, RBC notes strong international growth, including the acquisition of Gett's UK business and 50% ride growth in Canada. The price target for Lyft stock has been lowered from $22 to $18, while maintaining an outperform rating. Current stock price is $14.22, up 0.39%.
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