Lyft (LYFT) Stock: $37 Target And Overweight Rating

By Amit Chowdhry ● Jul 4, 2022
  • The shares of Lyft Inc (NASDAQ: LYFT) have received a $37 price target from JPMorgan. These are the details.

The shares of Lyft Inc (NASDAQ: LYFT) have received a $37 price target from JPMorgan. And JPMorgan analyst Doug Anmuth is maintaining an “Overweight” rating on the shares.

Anmuth adjusted the rating while reducing the estimates and price targets on 26 companies across the interest coverage universe based on macro pressures, currency moves, and company-specific dynamics. And the overall macro environment has deteriorated since first-quarter earnings with inflation reaching a 40-year high in May, fuel costs up 45% since early February, and Chase credit card data indicating slowing consumer spending and lower consumer confidence. 

Plus the Anmuth models had suggested a 66% chance of a recession over the next 2 years and an 83% chance over the next 3 years. Going forward, Anmuth believes the Internet sector continues to have secular growth, but Anmuth pointed out that it is far more mature than in 2008-2009, and the ability to offset broader and macro trends is more limited. 

Anmuth also believes that buy-side expectations and many equity prices already reflect a softer macro environment.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.