Lyft rises on Europe entry plan with $200 million FreeNow acquisition

Shares of ride-hailing firm Lyft LYFT.O rise 1.6% to $11.1

LYFT is buying mobility platform FreeNow from German automotive giants BMW BMWG.DE and Mercedes-Benz MBGn.DE for 175 million euros ($198.40 million) to expand into European ride-hailing market

Deal will nearly double company's potential market and open doors to major European cities

*Oppenheimer initiates coverage for LYFT with "outperform" rating and $15 price target

"We expect rideshare will continue to challenge the rising cost of car ownership, sustaining double-digit growth for multiple marketplaces" - brokerage

Separately, activist investor Engine Capital says it has nominated Alan Bazaar and Daniel Silvers for election to company's board

Up to last close, stock down 15.6% YTD

($1 = 0.8821 euros)