LYFT STOCKS RISE ON RATING UPGRADES
Lyft Inc.’s stock is currently trading at 50.38-higher by 2.59% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 2.02%. The stock has continued gaining after the opening bell.
Guggenheim upgraded the ride-hailing company’s stock. The firm upgraded Lyft’s rating to buy from neutral. Guggenheim also established a $60 price target on stocks of the company. The firm now expects the ride-hailing company to turn a profit in 2021 instead of 2023.
Guggenheim expected the company to turn a profit sooner than expected due to the price increases with limited impact on demand. Shares of the ride-hailing company have fallen more than 30% since its IPO in March.
On the technical front, the RSI is currently at 34.64% and suggests that the market can move in the upward direction. The current price is below the MA5. The current price is below the middle line of the Bollinger Bands but is heading upwards.
TRADE SUGGESTION- LIMIT BUY AT 49.80 TAKE PROFIT AT 51.50 STOP LOSS AT 49.00