Lyft swells in premarket trading on an upgrade from TD Cowen

Lyft is up more than 5% in premarket trading on Tuesday, driven by an upgrade to “buy” from TD Cowen.

The firm also gave Lyft’s price target a bump, up to $21. That’s about 40% above its share price as of Monday’s market close.

Analyst John Blackledge praised the ride-hailing company’s strategy around “tier 2” cities like Indianapolis and called Lyft the best “smidcap” idea of 2025.

Lyft’s early Tuesday gain comes despite increased competitive pressures, both from Tesla, which launched its robotaxi in Austin over the weekend, as well as Uber and Waymo, which expanded autonomous rides to Atlanta today.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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