Lyft Inc. (LYFT)

Aug 8, 2022Trade Ideas

Ride-sharing stock Lyft Inc. (LYFT) could race to higher highs.

Over the last week, the company reported adjusted net income jumped to $46.4 million, which was well above estimates for a loss of $14 million. Revenue came in at $990.7 million, topping expectations for $986.7 million. Adjusted EBITDA of $79.1 million was also well above expectations for just $18.1 million.

With that, Raymond James analyst Aaron Kessler reiterated a market perform rating. “We remain positive on continued improvement in Lyft fundamentals and potential for 15% long-term growth and 20% long-term EBITDA margins,” Kessler added, as quoted by Street Insider.

In addition, according to CNBC, “Investors are encouraged to see that gig companies in the consumer market are, so far, withstanding inflationary pressures that have rocked other sectors, such as retail.”

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