Lyft's pre-market stock price rose by 4.3% as TD Cowen upgraded its rating to "buy" rating.

In pre-market trading on Tuesday, Lyft's stock price rose as much as 4.3% as TD Cowen upgraded its rating from "hold" to "buy", citing multiple growth drivers. Analyst John Blackledge stated that growth drivers include refocusing the business on areas outside of the top 25 markets, and international expansion through the acquisition of FREENOW. Additionally, Lyft's continued product innovation and partnerships are helping drive its development. The target price is set at $21, representing a 40% upside from the previous closing price. Lyft currently has 13 "buy" ratings, 31 "hold" ratings, and 2 "sell" ratings, with an average target price of $17.30. As of the previous trading day's close, the stock has already seen a 16% year-to-date increase.