Guggenheim upgraded ride-hailing company Lyft to buy and established a $60 price target.
"We all underestimated how quickly the competitive mindset might shift under public ownership and how much leverage there is in the model to pricing," said Guggenheim analyst Jake Fuller.The Lyft logo is shown on the screen at the Nasdaq offices in Times Square on March 29, 2019 in New York.to turn a profit sooner than expected, according to Guggenheim.
"We all underestimated how quickly the competitive mindset might shift under public ownership and how much leverage there is in the model to pricing," Guggenheim analyst Jake Fuller said in a note to clients on Monday., investors' biggest concern has been the companies' path to profitability.
"LYFT and UBER are now public, and UBER needs margin from U.S. ride hail to support efforts internationally and in the highly competitive restaurant delivery business," Fuller said.
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