After being listed on the NASDAQ (QQQ) on March 29, Lyft (LYFT) stock has traded on a negative note so far. As of April 22, the stock has fallen 22.2% month-to-date, compared to 3.7% and 2.6% gains in the NASDAQ Composite Index and the S&P 500 Index, respectively. In comparison, Apple (AAPL), NVIDIA (NVDA), Alphabet (GOOG), Amazon.com (AMZN), and Advanced Micro Devices (AMD) have risen 7.7%, 5.0%, 6.5%, 6.0%, and 10.4%, respectively, in April so far.
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Analysts are turning positive
On Tuesday, multiple Wall Street analysts from reputed investment banks and brokerage firms initiated coverage on Lyft. Most of these analysts seemed to be positive about the stock, and they expect the stock to yield positive returns in the next 12 months.
According to Thomson Reuters, analysts at UBS started their coverage on Lyft by recommending a “buy” on the stock. The investment bank gave a price target of $82 on the stock, which reflected a 34.6% upside potential from its Monday closing of $60.94.
Both J.P. Morgan and Piper Jaffray initiated their coverage on Lyft by giving it an “overweight” rating with price targets of $82 and $78, respectively. Among others, both Raymond James and JMP Securities gave Lyft “outperform” rating with price targets of $85 and $78, respectively.
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