Home / Business and Economy / Lyft Gains Speed with Curb Partnership and Analyst Upgrades
Lyft Gains Speed with Curb Partnership and Analyst Upgrades
15 Nov
Summary
- Lyft partners with ride-hailing platform Curb
- Analysts raise Lyft's price targets based on Q3 earnings
- Autonomous vehicles pose long-term challenge for Lyft
In the past week, Lyft's stock has experienced a 5% increase, according to data compiled by S&P Global Market Intelligence. This bullish journey began on Monday when Lyft announced a strategic partnership with ride-hailing platform developer Curb.
Under the terms of the deal, Lyft riders will now be able to connect to Curb's taxi network via the Curb Flow platform. While Lyft did not disclose any financial details, this partnership is expected to drive more bookings and revenue for the company.
Compounding the positive momentum for Lyft were two analyst price target raises inspired by the company's recent third-quarter earnings release. Mizuho's Lloyd Walmsley lifted his Lyft fair-value assessment to $27 per share from $24, citing the company's strong fourth-quarter guidance that predicted at least a 17% year-over-year rise in gross bookings.
However, the author remains cautious about Lyft's long-term viability, noting that the rise of autonomous vehicles could pose a significant challenge to the rideshare industry. With companies like Alphabet's Waymo making strides in this area, the author is not as excited about Lyft or its peers in the long run.
