Lyft price target raised to $15 from $12.50 at BofA

BofA raised the firm’s price target on Lyft (LYFT) to $15 from $12.50 and keeps an Underperform rating on the shares. After a Q1 revenue and EBITDA beat with bookings acceleration, the firm is raising revenue and EBITDA forecasts for 2024 by 14% and 16%, respectively. However, the firm thinks investors’ focus will be on the higher topline and bottom-line growth profile of Uber (UBER), which drives its Underperform rating.