Oppenheimer raised its price target on Lyft (NASDAQ:LYFT) to $20 from $17, reiterating an Outperform rating. The new target reflects 12x 2026E EBITDA, which still implies a 27% discount to peers and 24% to Uber.

The firm believes robotaxi-related risks have subsided, noting Tesla’s limited launch in Austin underwhelmed both investors and users, undermining the bear case that autonomous vehicles would quickly disrupt the rideshare market.

With consumer demand and competitive dynamics stable, Oppenheimer sees a favorable 2Q and second-half outlook, pointing to potential upside to consensus estimates. Current Street projections of a 12% gross bookings CAGR through 2027 trail Lyft’s 15% internal target, reinforcing the analyst's bullish stance.