Lyft: raises IPO price range
(CercleFinance.com) - US ridesharing company Lyft has raised the price range of its initial public offering on Wednesday, in a show of strong investor demand ahead of its forthcoming IPO on the Nasdaq.
The company, which operates an app where drivers connect with riders, now plans to sell shares at between 70 dollars and 72 dollars each, up from a previous range of 62 dollars to 68 dollars.
At the top of the range, the company would be valued at over 20 billion dollars.
Today analysts at Wedbush are initiating the stock with a "neutral" rating and a target price of 80 dollars, saying that its brand loyalty has been "quite impressive" as the company continues to attract drivers and consumers.
From a valuation basis, the broker believes Lyft is an attractive name to own to play this transformative ridesharing market opportunity, but notes that it would find it hard to be bullish on the name at levels above 80 dollars given the shares' risk/reward.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The company, which operates an app where drivers connect with riders, now plans to sell shares at between 70 dollars and 72 dollars each, up from a previous range of 62 dollars to 68 dollars.
At the top of the range, the company would be valued at over 20 billion dollars.
Today analysts at Wedbush are initiating the stock with a "neutral" rating and a target price of 80 dollars, saying that its brand loyalty has been "quite impressive" as the company continues to attract drivers and consumers.
From a valuation basis, the broker believes Lyft is an attractive name to own to play this transformative ridesharing market opportunity, but notes that it would find it hard to be bullish on the name at levels above 80 dollars given the shares' risk/reward.
Copyright (c) 2019 CercleFinance.com. All rights reserved.