The firm said cost-cutting measures could also help EBITDA.
Lyft shares could see big gains as the ride-share company cuts costs and sees demand stabilize, KeyBanc said. Analyst Justin Patterson upgraded the stock to overweight from sector weight. He also set a price target of $24, implying an upside of 55.7% over Monday's close. "Ridesharing data appears stable in our Key First Look Data sample, with Lyft data actually improving over the course of December," Patterson said in a Monday note to clients.
He also Lyft's cost-cutting actions including a 13% reduction in workforce in early November helped drive EBITDA upside. He said data shows the operating environment has improved throughout the fourth quarter and can be taken to mean growth has stabilized and will improve in 2023. On the driver side, Patterson said app download growth has also stabilized and is now in line with Uber , leading the analyst to believe driver acquisition has normalized.
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