Lyft (NASDAQ:LYFT) stock is slipping on Thursday after Goldman Sachs downgraded the ridesharing company’s shares today.
That downgrade has analyst Eric Sheridan dropping LYFT stock from a “buy” rating to a “neutral” rating. Investors will note that this matches the analysts’ consensus rating of hold based on 28 opinions.
Despite that downgrade, the Goldman Sachs analyst increased the firm’s price target for Lyft from $12 per share to $15 per share. That represents a potential increase of 12.4% from yesterday’s close. It’s also bullish compared to the analysts’ consensus price prediction of $13.18 per share for LFT stock.
Why the Change on LYFT Stock?
Sheridan said that the firm expects Lyft to see revenue growth increase and ride-volume growth in the double digits. However, he believes this is already priced into Wall Street’s estimates.
Here’s further commentary on Lyft laid out by the Goldman Sachs analyst in a note to clients obtained by CNBC:
“We see this inflection as already well reflected in Street estimates in 2024 and continue to see execution risks around this trajectory, namely via the potential for contribution margins to see further headwinds in Q4′24 from an increase in insurance costs.”
LYFT stock is down 2.5% as of Thursday morning, with some 227,000 shares traded. The company’s daily average trading volume is about 15.7 million shares.
Investors who are looking for more of the latest stock market stories are in luck!
We have all of the most recent stock market news worth reading about on Thursday! Among that is what’s going on with shares of Clearmind Medicine (NASDAQ:CMND), Tarena International (NASDAQ:TCTM) and Moolec Science (NASDAQ:MLEC) stock today. You can catch up on all of this news down below!
More Thursday Stock Market News
- Why Is Clearmind Medicine (CMND) Stock Down 24% Today?
- Why Is Tarena International (TCTM) Stock Down 10% Today?
- Why Is Moolec Science (MLEC) Stock Up 40% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
