Lyft Awarded With Yet Another Price Target Hike After Waymo Partnership

Benchmark on Monday raised the firm's price target on ride-hailing platform Lyft (LYFT) to $26 from $20 while keeping a ‘Buy’ rating on the shares.

Lyft "furthered their credibility in the rideshare space" with their first Waymo partnership last week, the analyst told investors. The firm’s new price target of $26 represents an upside of 15% from the stock’s closing price on Friday.  

Benchmark’s bet remains that Lyft gets closer to $1 billion in Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) by 2027, higher than the Street's forecast of $830M, which suggests that shares "still look very attractive from a valuation perspective," the analyst added.

LYFT shares traded marginally higher at the time of writing. On Stocktwits, retail sentiment around LYFT stock stayed within ‘extremely bullish’ territory over the past 24 hours, while message volume stayed at ‘extremely high’ levels.

Lyft and Waymo announced a partnership last week to bring the latter’s fully autonomous ride-hailing service to Nashville in 2026. Lyft announced that it will provide end-to-end fleet management, including vehicle maintenance, infrastructure, and depot operations, for the Nashville Waymo fleet through its Flexdrive unit. While riders can initially use Waymo robotaxis through the Waymo app in Nashville, they will also be able to match with a Waymo vehicle using the Lyft app later in 2026, the companies said. This marked the first commercial deployment of Waymo’s robotaxis on the Lyft platform.

Following the announcement, several analysts hiked their price target on Lyft, including Jefferies analyst John Colantuoni. Colantuoni raised the firm's price target on Lyft to $22 from $15 while keeping a ‘Hold’ rating on the shares last week and said that he considers the news a reflection of Waymo's desire to diversify its partnerships to avoid reliance on any single player, namely Lyft rival Uber Technologies (UBER).

Earlier this month, Lyft also launched an AV service in partnership with Michigan-based May Mobility in Atlanta, where Waymo robotaxis are available on Uber.

LYFT stock is up by 75% this year and by about 78% over the past 12 months. UBER stock, meanwhile, is up by 68% this year. 

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