Jefferies lowered its price target for Lyft Inc (NASDAQ:LYFT) to $15 from $15.50, citing slowing growth in the company’s core US rideshare business.
Shares were last at about $13, implying roughly 11% upside to the revised target.
The analysts wrote that Lyft’s US rideshare growth has decelerated for seven consecutive quarters, falling from 20% year-over-year in Q1 2024 to 8.5% in Q4 2025. “Share losses have contributed to the deceleration, supported by a recent acceleration in Uber’s U.S. mobility business,” they wrote.
Jefferies estimated Lyft could see a 1% to 3% downside to 2026-2027 consensus bookings even if US growth stabilizes.
Jefferies also pointed to potential headwinds from Waymo’s expansion, noting that paid rides grew from 150,000 per week in October 2024 to 450,000 per week in December 2025, with a target of 1 million weekly rides by year-end 2026.
“Waymo’s expansion could exacerbate near-term share losses and long-term growth perceptions,” the analysts wrote, estimating a 0.4% to 0.6% drag on Lyft’s bookings growth in 2026–2027.
The brokerage lowered its 2027 bookings and EBITDA estimates to 3% and 7% below consensus, respectively, and reduced its DCF-derived price target to $15.
Despite the downgrade, Jefferies retained a ‘Hold’ rating, pointing to Lyft’s exposure to the growing rideshare market and its valuation discount to Uber.