LOS ANGELES, March 28, 2019 /PRNewswire/ — Wedbush Securities is pleased to announce the initiation of coverage on ride-sharing service Lyft, Inc. (LYFT). Ygal Arounian, Vice President, Equity Research and Daniel Ives, Managing Director, Equity Research are co-covering the stock and initiated on Wednesday, March 27, 2019 with a Neutral rating and an $80.00 price target. LYFT joins Ygal’s SMID Internet space with coverage that includes Grubhub, eBay, and Wix, and Daniel’s Technology coverage of Apple, Tesla, and Microsoft to name a few.
Lyft, Inc. is a ride-share company operating a transportation platform that connects passengers with drivers in the US and Canada. The company’s market share in the US has grown from 22% to 39% (2016 to 2018) as the company facilitated over 619 million rides (65% year over year growth) in 2018 and serviced over 30 million riders and 2 million drivers on its platform.
“Ride sharing is a force that is using a core tenet of the internet to build a powerful two-sided marketplace to disrupt a long-standing industry by adding multiple layers of consumer convenience and Lyft is front and center in that change,” says Ygal Arounian.
Daniel Ives adds, “The ride sharing phenomenon is only in the early innings of playing out and Lyft is paving the way with our TMT research platform doing much work in this area over the coming years.”
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SOURCE Wedbush Securities