Street View: Lyft's long-term prospects remain uncertain
** Lyft LYFT.O on Wednesday forecast Q3 revenue and adjusted core profit below estimates
** Shares up 1.65% at $9.23 premarket
** Co reported better-than-expected Q2 revenue; posted net profit for the first time
FOCUS ON PRICING INITIATIVES
** Truist Securities ("hold", PT: $13) says LYFT's strategy to prioritize pricing, customer experience and product innovation is bearing fruit, with improvements in active riders and rider frequency
** Adds "recession risk, autonomous driving & regulatory changes remain key overhangs"
** Moffettnathanson ("neutral", PT: $10) remains "incredibly skeptical" of Lyft's ability to achieve long-term goals; flags co's Q3 gross bookings forecast is lower than long-term target
** Morgan Stanley ("equal-weight", PT: $16.5) says LYFT's results and forecast "calls into question how much upside there is (and overall achievability) to management's multi-year outlook laid out in June"
** Needham ("hold") notes despite lower prices being long-term positive, short-term impacts and time it would take for volume increase to offset pricing remain a concern
Reporting by Kanchana Chakravarty in Bengaluru
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