Lyft Inc picked up upbeat ratings from the brokerage arms of its Wall Street und...
- Lyft Inc picked up upbeat ratings from the brokerage arms of its Wall Street underwriters on Tuesday, allowing the ride-hailing company to recover some of the damage done to its share price in the run-up to the debut of larger rival Uber Technologies Inc.
At least seven brokerages including Jefferies, JP Morgan and Piper Jaffray initiated coverage of Lyft with “buy” or equivalent to “buy” ratings, even as the stock languishes more than 15 percent below the price set in its heavily-hyped IPO last month. Still, brokerage analysts remained confident of Lyft’s long-term fortunes, despite the competition from Uber both on U.S. streets and among stock market investors.
More than 24 brokerages helped underwrite Lyft’s IPO. Industry standards require analysts from those firms to wait until a 25-day cooling off period has ended following the IPO before launching coverage.
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