Lyft Price Target Raised To $58 From $42 At DA Davidson

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DA Davidson analyst Tom White raised the firm's price target on Lyft (LYFT) to $58 from $42 and reiterates a Buy rating on the shares. The analyst increased estimates to reflect Lyft's leverage to an economic recovery in the U.S. post the broad deployment of an effective COVID vaccine. Ridesharing is likely to be on the "leading edge" of an eventual economic recovery, White tells investors in a research note. He views Lyft as the "purest example" of a stock that is levered to a post-vaccine economic re-opening in the United States. Lyft's exclusive focus on the North American ridesharing market will enable it to deliver stronger initial revenue growth compared with other ridesharing companies, including Uber (UBER), says White. 

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