Wall Street's public opinion of Lyft Inc took a major turn for the positive...
- Wall Street’s public opinion of Lyft Inc took a major turn for the positive on Tuesday, after analysts at many of the banks that worked on its initial public offering urged clients to buy the ride hailer’s underperforming shares.
Before Tuesday, only banks not working the deal were permitted to offer recommendations on the stock, and the balance of opinion among that group was decidedly more skeptical. Only four of them had recommended Lyft as a “buy,” or the equivalent, while six initiated the stock as a “hold” and one as a “sell.”
“We still believe the company has more wood to chop to get credibility from the Street but the selling pressure over the last few weeks seems to be abating,” said Daniel Ives, managing director, equity research at Wedbush Securities, who did not participate in the underwriting. At Monday’s prices, Lyft had a stock market value of around $17 billion. Both it and Uber have warned that they may never become profitable, making it difficult for investors to estimate how much they might be worth.
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