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Lyft Profitable by 2021?
Chicago-based securities firm Guggenheim Partners LLC predicts ride-hailing service Lyft Inc. will turn a profit in 2021, two years sooner than its previous outlook.
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Chicago-based securities firm Guggenheim Partners LLC predicts ride-hailing service Lyft Inc. will turn a profit in 2021, two years sooner than its previous outlook.
Guggenheim analysts say Lyft is better positioned in the short term than rival Uber Technologies Inc., which is struggling to fund international growth and expand its food delivery service. Lyft operates only in North America and is entirely focused on ride-hailing services.
Guggenheim says Uber likely will be forced to raise fares in coming years, which will allow Lyft to follow suit with limited impact on demand. On Monday, the investment company upgraded its position on Lyft from “hold” to “buy,” setting a target stock price of $60 per share.
Lyft’s second-quarter revenue surged 72% to $867 million, prompting the company to raise its full-year outlook. But the company’s stock price remains more than 30% below its initial public offering in March at $72. Lyft closed today at $49.61, down 3%.
Uber’s stock fell half a point today to close at $33.11. The company’s IPO launched at $45 in May.
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