The first round of Lyft analyst notes is bullish on the newly public company as brokerages clamor to recommend the stock.
The first round of Lyft analyst notes is bullish on the newly public ride-hailing company as brokerages across Wall Street clamor to recommend what one described as"the future of human transportation."
The security has since pulled back and closed Monday at $60.94, down more than 15% from its IPO price. The stock rose more than 2% in premarket trading Tuesday following the barrage of bullish notes. Piper Jaffray gave a bold title to its note, calling the company a"vehicle for change in the future of human transportation.""Our bull thesis is driven by: 1) Secular growth toward Transportation-as-a- Service that supports Lyft's projected 32% revenue CAGR through 2021.
"Our Outperform rating is based on LYFT's differentiated position as singularly focused on Transportation as a Service , including expansion into bikes and scooters and AV, as well as developing initiatives designed to court driver loyalty, such as Express Drive , Driver Hubs, and bourgeoning financial services that support instant payment, among other benefits. Ridesharing is poised to benefit from a broad shift towards TaaS, with a massive addressable market.
"We see LYFT as one of two players attempting to utilize the shared economy model as a means to disrupt the North American transportation market. LYFT has all the positive facets of a multi-sided marketplace as they capitalize on scaling riders , scaling drivers & thinking about LT optionality of their network effects on subscription models, service elements & autonomous driving.
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