Goldman Sachs analyst Heath Terry upgraded Lyft (LYFT) to Buy from Neutral with a price target of $58, down from $71. The stock in premarket trading is up 4%, or $1.92, to $46.03. The company reported better than expected Q3 revenue and management noted a trend toward higher prices across the industry, incremental engagement per rider, and a less promotional competitive environment, Terry tells investors in a research note. Lyft continues to gain share and is beginning to show the operational efficiencies, says the analyst, who believes the stock’s risk/reward is favorable at current levels. Lyft competitor Uber Technologies (UBER) is trading up 15c to $33.90.
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