Deutsche Bank initiated coverage of ride-hailing company Lyft with a buy rating and a $70 price target.
Deutsche Bank initiated coverage of ride-hailing company Lyft with a buy rating and a $70 price target, implying about 50% upside for the stock.
Confetti falls as Lyft CEO Logan Green rings the Nasdaq opening bell celebrating the company's initial public offering on March 29, 2019 in Los Angeles, California.s recent troubles are priced into the company's stock and now is a good entry point, according to Deutsche Bank. Shares of Lyft have cratered more than 35% since its initial public offering in March on fears about profitability, regulatory scrutiny, an early release from the IPO lockup and whether ride-sharing is a good business. Lyft, and its biggest competitor, closed at all-time lows on Tuesday, weighed down on these fears, but Walmsley says the concerns are overblown.
A proposed California law could also represent a major threat to Lyft's business model should it pass through the state Senate, as it would force the companies to reclassify their drivers as employees. But again, Walmsley is not worried.
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