LYFT’S SHARES RISE AFTER DEUTSCHE INITIATES COVERAGE WITH A BUY RATING
Lyft Inc.’s stock is currently trading at 46.50-higher by 0.31% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 3.09%. The stock has pared some of its earlier gains after the opening bell.
Deutsche Bank initiated coverage of Lyft with a buy rating and a $70 price target. The investment bank’s price points to a potential upside of about 50% from the share’s previous closing price. Deutsche Bank also said that Lyft reported robust second-quarter results, and yet the share has been weak.
The ride-hailing company reported in August that it had lost $644.2 million in the second quarter. Lyft had lost $178.9 million a year earlier. Shares of the ride-hailing company have fallen more than 35% since its IPO in March on concerns about regulatory scrutiny, profitability and an early release from the IPO lockup.
On the technical front, the RSI is currently at 32.86% and suggests that the market can move in the upward direction. The current price is below the MA5 (47.32). The %K has crossed the %D from below to the upside at around 10% and suggests that the market can move in the upward direction.
TRADE SUGGESTION- LIMIT BUY AT 46.45 TAKE PROFIT AT 47.25 STOP LOSS AT 46.05