Wedbush将Lyft的目标价从20美元下调至16美元，评级从"中性"下调至"跑输大市"。(格隆汇) ...

Core Insights - Baidu's Apollo Go is set to initiate robotaxi trials in the U.K. in collaboration with Uber and Lyft in 2026 [1] Company Developments - The partnership with Uber and Lyft marks a significant expansion for Baidu's Apollo Go into the international market [1] - The trials are expected to enhance the development and deployment of autonomous driving technology in the U.K. [1] Industry Trends - The move aligns with the growing trend of integrating autonomous vehicle technology into urban transportation systems [1] - The collaboration with established ride-hailing services like Uber and Lyft indicates a strategic approach to leverage existing infrastructure and customer bases [1]

Core Insights - Lyft needs to maintain growth rates comparable to or better than Uber's to keep pace with the S&P 500 in the long term [1] - Lyft's stock has outperformed Uber in 2025, with a 40% return, but has significantly underperformed over the past five years, declining 62% compared to the S&P 500's 83% gain [2] - Investors must assess whether Lyft's stock will continue its 2025 success or revert to underperformance [3] Rider Growth and Engagement - Rider growth is crucial for Lyft, with 28.7 million riders compared to Uber's 189 million; Lyft's year-over-year growth rate in ridership is 18%, slightly ahead of Uber's 17% [5] - Despite faster rider growth, Lyft's total rides increased by only 15% last quarter, while Uber's rides grew by 22%; Lyft's 248.8 million rides are far behind Uber's 3.5 billion [6] - Lyft needs to achieve a 20% year-over-year growth rate in riders and quarterly rides to match Uber's performance and enhance its stock price [7] Market Position and Future Opportunities - Lyft holds the second position in market share for ride-sharing but lacks a food delivery service like Uber Eats, limiting its growth potential [9] - The development of autonomous vehicles is critical for Lyft to avoid losing market share; partnerships, such as with Tensor for consumer-owned autonomous vehicles, are in progress [10][11] - Lyft's current net profit margin is 3%, significantly lower than Uber's double-digit margins, indicating potential for improvement if it successfully develops autonomous vehicles [12]

Market - US stock market closed higher on December 20, with the Nasdaq rising over 300 points, driven by a rebound in the AI sector [2][6] - Popular Chinese stocks mostly increased, with Xpeng Motors up 6.80% and Manbang down 1.99% [2][6] - Gold prices rose by 0.13%, reaching $4,338.32 per ounce [2][6] - European stock markets hit new highs, reflecting continued optimistic policy sentiment [2][6] Company - Ford recalled over 270,000 electric and hybrid vehicles in the US due to risks of rolling away [7] - Lyft's stock price fell following a downgrade by Wedbush, which warned of risks from autonomous taxi services [7] - Starbucks appointed Anand Varadarajan, a former Amazon executive, as the new Chief Technology Officer [7] - Google filed a lawsuit against a data scraping company, alleging it used false searches to steal online content [7] - Cerebras, an AI chip company, plans to apply for a US IPO after delays [7] - Rivian's stock price surged, reaching its highest level since December 2023 [7] - Biotech company Horizon Therapeutics plans to acquire Amicus Therapeutics for $4.8 billion, focusing on rare diseases [7]

Core Viewpoint - Lyft's stock rating has been downgraded from "neutral" to "underperform" by Wedbush, leading to a 2.1% decline in its share price, while Uber experienced a slight drop of 0.8% [1][2] Group 1: Company-Specific Insights - Lyft is highly concentrated in the U.S. ridesharing market with a single business model, making it more vulnerable to risks compared to Uber [2] - Wedbush has lowered Lyft's target price from $20 to $16 following the downgrade [2] Group 2: Industry Trends - The market is underestimating the negative impact of autonomous vehicles and robotaxi services on companies like Lyft and Uber [2] - The robotaxi market is still in its early stages, but the upcoming year is expected to be critical and potentially challenging for ridesharing companies [2] - Waymo, a subsidiary of Alphabet valued at $100 billion, plans to launch operations in 20 cities, indicating significant advancements in the robotaxi sector [2] - As Waymo transitions from a developmental phase to offering services primarily through its own platform, 2026 could be a difficult year for the ridesharing industry if this trend continues [2]

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company operates with a team of experienced and qualified news journalists, ensuring independent content production [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The news team delivers insights across various sectors, including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5]

Upgrades - Keefe Bruyette upgraded Bain Capital Specialty Finance (BCSF) to Outperform from Market Perform with an unchanged price target of $16, citing attractive entry point for shares [2] - JPMorgan upgraded Paccar (PCAR) to Overweight from Neutral with a price target of $133, increased from $108, due to offsetting tariff-related headwinds following the latest Section 232 proclamation [3] - Wells Fargo upgraded Generac (GNRC) to Overweight from Equal Weight with a price target of $195, up from $186, highlighting a "near-free call option" on data center growth after recent share pullback [4] - Barclays upgraded Cummins (CMI) to Overweight from Equal Weight with a price target of $546, increased from $515, reflecting new emissions rules and reduced R&D expenses [5] - Citizens upgraded Stryker (SYK) to Outperform from Market Perform with a price target of $440, citing reasonable valuation at current share levels [5] Downgrades - Wedbush downgraded Lyft (LYFT) to Underperform from Neutral with a price target of $16, down from $20, due to risks from autonomous vehicle disruption in the U.S. ridesharing market [6] - JPMorgan downgraded Lockheed Martin (LMT) to Neutral from Overweight with a price target of $515, up from $465, based on out-year cash flow estimates being below consensus [6] - Raymond James downgraded Allegiant Travel (ALGT) to Outperform from Strong Buy with a price target of $98, up from $78, citing valuation concerns after recent share strength [6] - Deutsche Bank downgraded Elevance Health (ELV) to Hold from Buy with a price target of $320, down from $332, due to reduced estimates and challenging macro environment [6] - Williams Trading downgraded Birkenstock (BIRK) to Hold from Buy with a price target of $51, down from $75, following earnings report and lack of clarity from management [6]

Core Insights - Bird and Lyft have announced initiatives to enhance sustainable transportation options and create more connected cities in North America [1] Group 1: Integration of Services - Bird e-bikes are now accessible through the Lyft app, following the successful launch of Bird scooters last year, with e-bike rides in Denver increasing by over 50% in the first month [2] - The integration is currently operational in Denver, Nashville, and Cleveland, with plans to expand to additional cities in 2026 [2] Group 2: Support for Sustainable Mobility - The collaboration aims to facilitate the selection of appropriate transportation modes for users, thereby aiding cities in reducing congestion and promoting sustainable mobility [3] - Bird's Co-CEO, Stewart Lyons, emphasized that integrating vehicles into the Lyft app provides millions with immediate access to cleaner transportation options [3] Group 3: Winter Pilot Program - Bird has initiated a winter pilot in Canadian markets, directing users to Lyft when local vehicles are unavailable due to seasonal hibernation, enhancing travel options in cities like Halifax, Edmonton, Ottawa, and Calgary [4] - New Lyft riders participating in the pilot will receive a promotion for 50% off two rides, aimed at easing winter travel and supporting a multimodal ecosystem [5] Group 4: Shared Commitment to Urban Mobility - Both companies are dedicated to creating efficient transportation systems that reduce reliance on personal vehicles and promote sustainable alternatives [6] - Bird and Lyft are investing in solutions to enhance urban livability, accessibility, and climate-friendliness, with ongoing exploration of shared mobility expansion across North America [6]

Summary of Key Points from J.P. Morgan's US Internet 2026 Outlook Industry Overview - The report focuses on the **US Internet** sector, providing insights into market performance, macroeconomic factors, and company-specific forecasts for 2026. Core Insights and Arguments 1. **2025 Performance Recap**: - The internet sector outperformed the S&P 500 by 17% in 2025, with average performance across market caps showing significant variation: - Large Cap: +19% - Mid-Cap: +42% - Small Cap: +21% - Smaller Cap (<$2B): -16% [12][13] 2. **2026 Macro Outlook**: - J.P. Morgan economists estimate a **35% risk of recession** in 2026, with expectations of resilient global growth driven by fiscal stimulus and capital expenditure [19][23]. - Key economic indicators include: - GDP Growth: 1.8% in 2026 - Inflation: Expected to remain above 3% CPI - Unemployment: Projected to peak at 4.5% in Q1 2026 [21][19]. 3. **Investment Recommendations**: - **Top Picks for 2026** include: - Alphabet (Overweight, $385 PT): Growth driven by AI and cloud services [46]. - Amazon (Overweight, $305 PT): Expected growth in AWS and retail segments [51]. - DoorDash (Overweight, $300 PT): Anticipated GOV growth of 18% CAGR from 2025-2028 [57]. - Spotify (Overweight, $805 PT): Projected revenue growth driven by premium subscriptions [66]. 4. **AI and Cloud Growth**: - AI is expected to significantly drive cloud growth, with Google Cloud projected to grow in the mid-40% range and AWS adding the highest estimated revenue in 2026 [101][102]. - The report highlights the importance of AI in enhancing operational efficiencies and driving revenue growth across various sectors [78]. 5. **Valuation Metrics**: - The S&P 500 is projected to have a price target of **$7,500** by the end of 2026, suggesting a 9% upside [26]. - Internet companies are trading at an average of **10.2x 2027E EV/EBITDA**, with expected revenue growth of approximately **13% CAGR** from 2025 to 2027 [40]. Additional Important Insights 1. **Market Dynamics**: - The report discusses the competitive landscape in the AI space, noting that leading model developers like Google and OpenAI are pushing the frontier, but competition remains intense [89][94]. - The potential for AI-driven advertising and e-commerce growth is highlighted, with expectations for significant market share shifts in the online ad market [112]. 2. **Company-Specific Catalysts**: - Alphabet's AI tools are expected to enhance productivity and revenue, while Amazon's AWS is set to double its capacity by 2027 [56][88]. - DoorDash is focusing on expanding its marketplace and improving unit economics, while Spotify is ramping up its free cash flow and operating margins [60][68]. 3. **Key Questions for 2026**: - The report raises critical questions regarding AI monetization, the impact of AI on cloud growth, and the potential for disruption in various sectors, including travel and e-commerce [76][124]. This summary encapsulates the essential insights and projections for the US Internet sector as outlined in the J.P. Morgan report, providing a comprehensive overview of the anticipated trends and investment opportunities for 2026.

Core Insights - U.S. stock markets are experiencing a significant bull run in 2023, with major indexes near all-time highs [1] - Small-cap and mid-cap benchmarks have shown notable gains, with Russell 2000 up 14.3% and S&P 400 up 7.6% year to date [2] - Mid-cap stocks are seen as a good diversification strategy, combining benefits of both small and large-cap stocks [2][3] Mid-Cap Stocks Overview - Top-ranked mid-cap stocks have high potential for profitability and market share growth, with less exposure to international risks compared to large caps [3] - In a thriving economy, mid-cap stocks are expected to outperform small caps due to established management and access to capital [4] Recommended Mid-Cap Stocks - Five mid-cap stocks with favorable Zacks Ranks for 2026 are FirstCash Holdings Inc. (FCFS), Lyft Inc. (LYFT), Installed Building Products Inc. (IBP), Lumen Technologies Inc. (LUMN), and Advanced Energy Industries Inc. (AEIS) [5][9] - Each stock carries a Zacks Rank of 1 (Strong Buy) or 2 (Buy) [5] Company-Specific Insights FirstCash Holdings Inc. (FCFS) - Operates pawn stores and payment solutions in the U.S. and Latin America, with expected revenue and earnings growth rates of 5.7% and 21.8% respectively for next year [8][10] Lyft Inc. (LYFT) - Engages in ridesharing in the U.S. and Canada, with expected revenue and earnings growth rates of 14.6% and 25.9% respectively for next year [11][13] - Aims to enter the robotaxi market through partnerships, avoiding high R&D costs [12] Installed Building Products Inc. (IBP) - Operates as a residential insulation installer, with expected revenue and earnings growth rates of 1.1% and 0.1% respectively for next year [14][15] Lumen Technologies Inc. (LUMN) - Focused on AI opportunities, with $10 billion in Private Connectivity Fabric deals and plans to eliminate $1 billion in costs [16][17] - Expected revenue and earnings growth rates of -5.2% and -71.9% respectively for next year [18] Advanced Energy Industries Inc. (AEIS) - Benefits from semiconductor and data center demand, with expected revenue growth of approximately 20% and earnings growth of 20.2% for next year [19][20][21]