Investing.com – LYFT (NASDAQ:) shares had been up 1% in Friday’s premarket commerce after the ride-hailing firm mentioned on Thursday that final week was its greatest since March 2020.
It additionally mentioned it expects optimistic weekly progress in its ride-share phase by way of the tip of the 12 months.
For the next week, Lyft expects volumes to greater than double in comparison with a 12 months earlier. The corporate’s optimistic outlook comes as vaccination rollout gathers tempo and extra folks return to work and start to steer common, regular lives.
Wedbush Tuesday raised the value goal on Lyft to $85 from $72 on higher profitability and extra income per rider sooner or later, based on StreetInsider. That’s a 29% appreciation from the inventory’s prevailing ranges.
Lyft mentioned final month it may make an adjusted revenue by the third quarter of this 12 months regardless of the pandemic, because of extra price cuts and an anticipated rebound in ride-hailing demand starting within the second quarter of 2021.
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