Here are the biggest calls on Wall Street on Friday
, $50 YE19 PT: While having recently delivered impressive share gains, we are more skeptical on Lyft's route to profitability. We forecast '18-22 28%/49% gross bookings/adj gross profit CAGRs with our PT implying 0.85x FY20 gross bookings. "could show an "outsized" investment return over the next few years.
We also have a history as essentially the only long on this in the dark days. However, after some reflection on the stock's strong performance, the investor day message, and more recent chats with TGT leadership, our view has evolved. We think TGT's continued emphasis on growth over cost containment is a stance that we think is less wise at this point.
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