Shares in Lyft (LYFT) are tumbling Wednesday, after the ride-hailing company projected first-quarter bookings that lagged estimates as a price war with rival Uber Technologies (UBER) persists.

The ride-hailing company said it expected first-quarter gross bookings of around $4.05 billion to $4.2 billion “amidst the recent pricing environment in the U.S. market.” That compared with consensus estimates from analysts polled by Visible Alpha before the𓂃 results were released of $4.23 billion. 

Uber also recently reported a current-quarter gross bookings outlook came in 澳洲幸运5官方开奖结果体彩网:mostly below analysts' estimates.

JPM Lowers Price Target on Lyft to $16

Lyft’s results come as the loss of its partnership with Delta Air Lines (DAL) looms over the company this spring.

In a note Wednesday, JPMorgan analysts lowered their price targ🧸et for Lyft to $16 from $19, saying that  it believed Lyft “is facing an increasingly competitive rideshare landscape.” The analysts said they expect Lyft results to be “pressured” through the first half of 2025 and the company would have to overcome the loss of the💟 Delta partnership “which also calls into question the ability to grow GBs (gross bookings) in the mid-teens annually through 2027.”

Lyft reported mixed fourth-quarter results Tuesday, with revenue of $1.55 billion lagging estimates, while its adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of 27 cents beat forecasts.

Lyft shares are down around 11% Wednesday at about $12.75 ea❀ch and have edged up 2% in the past year.

UPDATE—Feb. 12, 2025: This article has been updated to include refreshed share prices.