Piper Sandler analyst Alexander Potter upgraded Lyft (LYFT) to Overweight from Neutral with a price target of $61, up from $39. A “series of positive developments” should support 30% upside potential in the shares, Potter tells investors in a research note. Lyft has demonstrated an improving ability to extract revenue from each incremental mile traveled in the United States, and recent regulatory developments have benefited companies that employ gig-based drivers, says the analyst. Further, the analyst adds that the company’s cost cuts have enabled improving EBITDA despite falling revenue. This sets the stage for post-vaccine operating leverage, says Potter. Lyft trades at a discount to Uber (UBER) and the broader peer group, despite easier comps, less competition and faster growth, contends the analyst.