Investors may want to keep an eye on shares of LYFT this week.
After getting crushed with the market, analysts believe the company should post solid earnings after the closing bell on Thursday. In fact, Wedbush analysts – who have an outperform rating on the stock with a $25 price target – say the company should “beat the Street on the heels of Uber’s positive report/guidance this week,” as quoted by Investing.com.
“While Lyft continues to be viewed by the Street as the ‘little brother’ to Uber, this is a major print and guide for the company to prove its growth reaccelerating into FY23 with a profitable business model despite recent regulatory headwinds adding more uncertainty such as the U.S. Labor Department unveiling a much-anticipated proposal that would make it more likely that gig economy workers be classified as employees rather than independent contractors.”
Even analysts at Gordon Haskett just upgraded the LYFT tock to a buy with a $24 price target. A combination of strong catalysts and “overly negative sentiment” creates opportunity, they say.
Shares of LYFT last traded at $13.74 a share.
Sincerely,
Ian Cooper
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