Here are the biggest calls on Wall Street on Wednesday
D.A. Davidson initiates Lyft as buy due to the company's recent momentum, market share gains, and growth and expansion.
"What did we change and why? Recently, we warned of profit growth slowing down from FY3/20e onwards and risks of derating from exit of growth investors... Subsequently, Weak 3Q results showed that growth in key segments had already slowed down ... This has led us to cut our estimates. ...Additionally, we lower multiples for some segments , given slower profit growth increasing uncertainty unwillingness to exit Mobile phone business...
Evercore initiated coverage on Home Depot saying that, among other things, the stock is attractive and competition is shuttering. Following a meeting with Dollar Tree management, Telsey said the meeting provided clarity on the discount retailer's plans to improve its results. "Vision Refocused: Wendy's development struggles aren't news... The company revised its 2020 guidance last quarter for the second straight year driven partly by slower-than-expected pace of international development... In November, the company announced that it would be"re-evaluating its approach to international market entry" under new leadership , which suggests that a more conventional route is likely in play...
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Investor group calls on Lyft to scrap dual-class share structure plan: FTA group of investors has called on Lyft Inc's board to scrap a proposed dua...
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Lyft to launch road show for up to $2 billion IPO: sourcesRide-hailing platform Lyft Inc will launch the investor road show for its initia...
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Lyft will reportedly launch road show for up to $2 billion IPORide-hailing platform Lyft will launch the investor road show for its initial public offering on Monday, March 18.
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Lyft to Seek Valuation of Up to $23 Billion in Its IPOLyft plans to peg its valuation at between $21 billion and $23 billion when the ride-hailing service kicks off the roadshow to market its initial public offering Monday, according to people familiar with the matter.
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Lyft hits the road ahead of Uber to lure investors - Reuters TVRide-hailing platform Lyft will launch the investor road show for its initial public offering on Monday, seeking to raise as much as $2 billion and to be valued at more than $20 billion, according to people familiar with the matter.
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Uber will officially launch its IPO in April with its first public filingsThe ride-hailing giant follows Lyft, which filed its first public documents earlier this March.
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Lyft makes flattering “contribution” to accountingThe term commonly means revenue less variable costs. The ride-hailing firm’s take on it excludes even some of those outlays and suggests healthy profit in the future. Like WeWork’s “community-adjusted EBITDA” prospective IPO investors should probably ignore the metric altogether.
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Lyft sets terms of IPO to raise up to $2.1 billionLyft Inc. set terms of its initial public offering, confirming the ride-hailing service is looking to raise up to $2.09 billion. The company said it offering 30.77 million Class A shares to the public, at an expected price of $62 to $68 a share. After the IPO, Lyft will have 271.37 Class A shares outstanding and 12.78 million Class B shares, holders of which will have 20 votes and can convert them into one Class A share, which was one vote. The Wall Street Journal originally reported the terms of the IPO late Sunday, which pegs Lyft's valuation at between $21 billion to $23 billion. The Class A shares have been approved to list on the Nasdaq Global Select Market under the ticker symbol "LYFT." The lead underwriters are J.P. Morgan, Credit Suisse and Jefferies. In 2018, Lyft recorded a net loss of $911.3 million, or $43.04 a share, after a loss of $688.3 million, or $35.53 a share, in 2017. Revenue more than doubled to $2.16 billion from $1.06 billion. Lyft is going public at a time that the Renaissance IPO ETF has run up 28% over the past three months and the S&P 500 has gained 11%.
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