Why Lyft Stock Got a 4% Lift Today
The end of the week for ridesharing-king Lyft (NASDAQ: LYFT) was marked by faint, yet persistent, rumors of a takeover by an outside entity. Scattered chatter in the online investosphere had it that the company is now a buyout target, although who was disseminating these rumors and which party (or parties) might be interested were fuzzy, at best.
But we're human and pay attention to gossip, so stocks trade on rumors. On Friday, in Lyft's case, this was bolstered somewhat by an analyst's take on the situation. As a result, the company's share price accelerated by more than 4% on the day.
Acknowledging those rumors, Loop Capital prognosticator Rob Sanderson reiterated his buy recommendation on Lyft stock at a price target of $31. That's a very bullish level, considering that the current price is almost 50% lower.
Source Fool.com
