Lyft Up 1% After Rides Clock Best Week In A Year And Firm Says More To Come By Investing.com

Lyft Up 1% After Rides Clock Best Week In A Year And Firm Says More To Come

Stock MarketsMar 19, 2021 07:58AM ET

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Lyft Up 1% After Rides Clock Best Week In A Year And Firm Says More To Come

Dhirendra Tripathi

Investing.com – LYFT (NASDAQ:LYFT) shares were up 1% in Friday’s premarket trade after the ride-hailing company said on Thursday that last week was its best since March 2020.

It also said it expects positive weekly growth in its ride-share segment through the end of the year.

For the following week, Lyft expects volumes to more than double compared to a year earlier. The company's positive outlook comes as vaccination rollout gathers pace and more people return to work and begin to lead regular, normal lives.

Wedbush Tuesday raised the price target on Lyft to $85 from $72 on better profitability and more revenue per rider in the future, according to StreetInsider. That’s a 29% appreciation from the stock’s prevailing levels.

Lyft said last month it could make an adjusted profit by the third quarter of this year despite the pandemic, thanks to additional cost cuts and an expected rebound in ride-hailing demand beginning in the second quarter of 2021.

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