Yahoo Finance Lyft Added to Tactical Underperform List at Evercore ISI
By Sam Boughedda
Investing.com — Evercore ISI analyst Mark Mahaney told investors in a research note that he has added Lyft Inc (NASDAQ:LYFT) to the firm's Tactical Asset Positioning (TAP) Underperformance List.
Mahaney, who kept an outperform rating and $75 price target on the stock, said he is adding Lyft to the list with a short-term horizon.
Lyft shares are down 4.5% Wednesday.
The analyst acknowledged that the rising number of Covid-19 cases arising from the Omicron variant weigh on any potential upside to revenue estimates for the fourth quarter.
“We are taking a short-term outlook on LYFT, as we view Omicron to pose headwinds to Q4/Q1 Revenue," said the Evercore analyst.
However, he noted that "the main risks surrounding our call include: 1) Omicron’s impact being less severe and/or shorter than expected, 2) A material improvement in the company’s Take Rate (allowing Revenue to be less impacted by the potential GMV headwind), and/or 3) An accelerated acquisition of Active Riders.”
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