Lyft, Inc. (LYFT) shares are soaring 5.04% in intraday trading following the announcement of a strategic partnership with Curb, a ride-hailing platform for licensed taxis. This collaboration aims to integrate Curb's network of licensed taxi drivers into Lyft's platform, potentially revolutionizing the ride-hailing industry.

The partnership, set to launch initially in Los Angeles, will allow Lyft users to book licensed taxis directly through the Lyft app using Curb's Flow platform. This integration is expected to improve vehicle availability, reduce wait times for riders, and increase earning opportunities for drivers. Lyft and Curb plan to expand this service to additional cities in the near future, signaling a significant growth opportunity for the company.

Wall Street analysts have responded positively to this development. Bernstein and Jefferies both raised their price targets for Lyft from $22 to $23, while Canaccord increased its target from $18 to $19. These upgrades reflect growing confidence in Lyft's strategic direction and potential for market expansion. As the company continues to innovate and forge new partnerships, investors appear optimistic about Lyft's ability to compete effectively in the evolving transportation landscape.