LYFT STOCKS RISE ON RATING UPGRADES
Lyft Inc.’s stock is currently trading at 48.76-higher by 5.77% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 0.91%. The stock has continued gaining after the opening bell.
Investment bank HSBC today upgraded the ride-hailing company’s stock. The investment bank upgraded Lyft’s rating to buy from hold. HSBC, however, lowered its price target on stocks of the company to $62 a share from $67 per share. The Investment bank expects a 35% upside in Lyft’s stocks.
HSBC also believed that regulatory concerns are priced in the ride-hailing company’s stocks. The investment bank expects that the food delivery service and ride-sharing business can become profitable for the company. Shares of the ride-hailing company have fallen nearly a quarter of their value in the past three months.
On the technical front, the RSI is currently at 46.07% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards.
TRADE SUGGESTION- LIMIT BUY AT 48.60 TAKE PROFIT AT 49.30 STOP LOSS AT 48.25