Why Lyft's Stock Is Down Today
Shares of ridesharing service Lyft (NASDAQ: LYFT) were trading lower on Monday, after two analysts cut their price targets for the stock ahead of the company's first-quarter earnings report.
As of 2 p.m. EDT today, Lyft's shares were down about 10.8% from Friday's closing price.
In a note on Monday, Credit Suisse analyst Stephen Ju cut his price target for Lyft's stock to $75, from $96, while maintaining the equivalent of a buy rating. Ju said that he has cut his estimates for Lyft's rideshare bookings for the remainder of the year. He now expects bookings to fall 91% from 2019, on lower numbers of active riders, less frequent rides, and lower average selling prices.
Source Fool.com
