BUZZ-Lyft falls after Q1 bookings forecast miss estimates; brokerages cut PT

Ride hailing platform Lyft's LYFT.O shares fall 12% to $12.68 in premarket trading

Brokerages J.P. Morgan, RBC and TD Cowen cut PT to $16, $21 and $16 respectively

RBC sees Uber's aggressive pricing weighing on Lyft's Q1 bookings and its less diversified model making it more vulnerable to these types of pricing shocks

JPM belives that competitive pressures are rising, particularly with Uber gaining an advantage. With pricing pressure and the loss of the Delta Air Lines partnership to Uber, Lyft faces challenges in maintaining mid-teens growth through 2027, despite strong metrics like faster ETAs and high rider frequency, brokerage says

Lyft expects Q1 gross bookings between $4.05 billion and $4.20 billion, below estimates of $4.26 billion - LSEG

In 2024, stock fell 14%