UBS Cuts PT on Lyft, Inc. (LYFT) to $21 From $22

Lyft, Inc. (NASDAQ:LYFT) is one of the most undervalued travel stocks to buy according to hedge funds. UBS lowered the price target on Lyft, Inc. (NASDAQ:LYFT) to $21 from $22 on February 2, maintaining a Neutral rating on the shares.

In a separate development, Freenow by Lyft, Inc. (NASDAQ:LYFT) and the City of Hamburg signed a Memorandum of Understanding to advance the integration of autonomous vehicles into the city’s future-focused mobility ecosystem. The initiative marks the first collaboration for Germany signed between a city and a private company for the establishment of a strategic framework to introduce Level 4 AVs into the taxi sector, along with setting clear guidelines on the way AVs would be integrated into a city’s mobility ecosystem.

Hamburg would operate as an integrated, hybrid mobility market following the launch of the AVs, and both Freenow by Lyft, Inc. (NASDAQ:LYFT) and the City of Hamburg believe that drivers will retain their centrality in the mobility system, as their expertise is critical with AVs bolstering the overall network and creating additional job opportunities in operations, maintenance, and fleet management.

Lyft, Inc. (NASDAQ:LYFT) provides and manages an online social ride-sharing community platform that offers users access to a nexus of shared rides, scooters, and bikes. The company also offers information about neighboring public transit routes and a view of transportation options when planning a trip through Lyft Rentals.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.