White believe that Lyft is benefiting from its good PR strategy of differentiating its self from its bigger competitor Uber, which was plagued by scandals over the past few years. Riders perceive Lyft as a friendlier ride-hailing company than its rival.
On Thursday, analysts at Wedbush Securities initiated coverage of LYFT shares with a price target of $80 per share within 12 months.
“The ride-sharing industry has become one of the most transformational growth sectors of the US consumer market over the past five years, with Lyft establishing itself as a clear #2 player behind the worldwide leader Uber,” according to Wedbush analysts.
The second largest ride-sharing company “continues to attract drivers and riders with its brand associated with corporate responsibility and social values, an impressive formula to go after the $1.2 trillion market spent annually in the US,” they added.
