LYFT Inc (LYFT)

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Earnings Preview: Lyft Inc. (NASDAQ: LYFT)
By: 24/7 Wall St. | February 8, 2023

• Here is a look at what to expect when the following four firms report quarterly results after U.S. markets close Thursday or before they open on Friday.

Lyft

Ride-hailing operator Lyft Inc. (NASDAQ: LYFT) has suffered a share price decline of more than 50% over the past year, much worse than rival Uber’s decline of some 7% (not including a boost Wednesday morning after reporting earnings). For 2023 to date, however, Lyft stock is up nearly 63%, sharply more than Uber’s jump of 41%. Lyft pays its drivers more and charges its riders more than Uber, and both face regulatory risk in a California court ruling that could reclassify drivers as employees, not contractors. Lyft reports results after markets close on Thursday.

The 42 analysts covering Lyft stock have cooled to its prospects, with 18 having a Buy or Strong Buy rating and 23 a Hold rating. At a share price of around $18.00, the stock trades right at its median price target. At the high target of $60.00, the upside potential is 233%.

Fourth-quarter revenue is forecast at $1.15 billion, up 9.6% sequentially and by 18.6% year over year. The company is expected to report adjusted EPS of $0.13, up 21.5% sequentially and 30.0% higher year over year. For the full 2022 fiscal year, analysts anticipate EPS of $0.41, solidly better than last year’s loss per share of $0.25, on sales of $4.08 billion, up 27.1%.

Lyft stock trades at 44.0 times expected 2022 EPS, 19.6 times estimated 2023 EPS of $0.92 and 11.1 times estimated 2024 earnings of $1.62 per share. The stock’s 52-week range is $9.66 to $45.65. Lyft does not pay a dividend, and total shareholder return for the past 12 months was negative 56.3%.

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