Get ready for Lyft’s (LYFT) third-quarter earnings report, set to drop after the closing bell on Wednesday, November 6th. The ride-sharing giant will be under the microscope as investors look for insights into its financial performance and growth trajectory.
Analyst Expectations and Recent Partnerships:
Analysts are anticipating Lyft to report earnings of 20 cents per share for the quarter, a slight decline from the 24 cents per share reported in the same period last year. Revenue is projected to hit $1.44 billion, a healthy jump from $1.14 billion in the previous year. These figures, sourced from Benzinga Pro, offer a glimpse into the company’s expected financial performance.
Adding another layer of intrigue is Lyft’s recent partnership with DoorDash (DASH). This collaboration, announced on October 30th, aims to offer benefits to customers using both ride-sharing and local delivery services. This strategic move could potentially drive growth for Lyft, especially in its core ride-sharing business.
Analyst Sentiment: A Mixed Bag:
While earnings expectations are crucial, analyst sentiment often provides valuable insight. Here’s a breakdown of recent analyst ratings for LYFT:
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Benchmark Analyst Michael Ward:
Initiated coverage on October 25th with a Hold rating. Ward, who boasts a 77% accuracy rate, seems cautiously optimistic about Lyft’s prospects.*
UBS Analyst Lloyd Walmsley:
Maintained a Neutral rating on October 18th while raising the price target from $12 to $13. Walmsley, with an 85% accuracy rate, sees some potential for upside but remains cautious.*
Cantor Fitzgerald Analyst Deepak Mathivanan:
Reiterated a Neutral rating on September 30th with a $13 price target. Mathivanan’s accuracy rate stands at 78%, reflecting a balanced view on the company.*
Raymond James Analyst Josh Beck:
Reinstated a Market Perform rating on September 24th. Beck, with a 77% accuracy rate, appears to be in line with the broader market sentiment.*
Loop Capital Analyst Rob Sanderson:
Maintained a Buy rating on September 3rd while slashing the price target from $20 to $16. Sanderson, who has a 72% accuracy rate, is more bullish but acknowledges recent market pressures.The Bottom Line:
Lyft’s third-quarter earnings report will be closely watched by investors and analysts alike. While the company faces competitive pressures and a challenging macroeconomic environment, its recent partnership with DoorDash and its focus on growth initiatives could offer some hope for a positive performance. Investors will be eager to see how the company navigates these challenges and what its future plans hold.
