Lyft: has set IPO price at top end of range
(CercleFinance.com) - Lyft said it has set its initial public offering price at 72 dollars, the top end of its 70-72 dollars price range, valuing the company up to 20 billion dollars.
"This is a clear positive indicator of robust investor demand heading into the company's first day of trading," analysts at Wedbush said.
The shares are expected to begin trading at any moment now on the Nasdaq market.
Wedbush said the Street is "very excited" for the opportunity to take part in the massive growth out of the ridesharing industry, and has set a target price of 80 dollars for the share.
"The IPO is a "watershed" event for the tech sector as well as the ridesharing industry," the broker said.
Yet, Wedbush sees a number of risks/uncertainties for Lyft, including competitive pressures from market leader Uber, rising competitive forces, and a lack of profitability in the near-term, prompting the broker to adopt a "neutral" rating on the stock.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
"This is a clear positive indicator of robust investor demand heading into the company's first day of trading," analysts at Wedbush said.
The shares are expected to begin trading at any moment now on the Nasdaq market.
Wedbush said the Street is "very excited" for the opportunity to take part in the massive growth out of the ridesharing industry, and has set a target price of 80 dollars for the share.
"The IPO is a "watershed" event for the tech sector as well as the ridesharing industry," the broker said.
Yet, Wedbush sees a number of risks/uncertainties for Lyft, including competitive pressures from market leader Uber, rising competitive forces, and a lack of profitability in the near-term, prompting the broker to adopt a "neutral" rating on the stock.
Copyright (c) 2019 CercleFinance.com. All rights reserved.