Wall Street gave a resounding vote of confidence to ride-hailing stocks ahead of Uber's results on Thursday, after Lyft indicated a recovery in demand and lower costs as rising unemployment creates more supply of drivers than jobs in the market.
) results on Thursday, after Lyft indicated a recovery in demand and lower costs as rising unemployment creates more supply of drivers than jobs in the market.
“The Street was bracing for worse on 1Q and overall cost cuts/road to profitability was some relative good news in a dark time,” Wedbush analysts said. At least four brokerages, including Wedbush and RBC Capital Markets, raised their price targets on Lyft on Thursday.
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