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MN BOUND

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MN BOUND

Re: None

Friday, 03/06/2020 10:18:49 AM

Friday, March 06, 2020 10:18:49 AM

Post# of 994
Lyft initiated with a Buy at Needham; tgt $48
8:49 AM ET 3/6/20 | Briefing.com
. Needham initiates LYFT with a Buy and price target of $48. Analyst Brad Erickson stated, "We think LYFT's (the #2 player in the North American shared-mobility market) 30% decline since reporting 4Q19 results (we attribute ~70% of the drop to Q4 results/guidance and 30% to coronavirus) has created an unreasonably wide valuation discount to competitor UBER (2.9x vs. 1.5x EV/'21 revenue). We think the company can show upside vs. consensus in spite of coronavirus as the quality of its financials is set to improve. We suspect that investors' reluctance to price in a faster timeline to profitability has created a favorable risk/reward opportunity. Initiate at Buy with a $48 PT based on 2x EV/'21 revs."
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