On August 7, Lyft, Inc. rose 5.03% in regular trading, trading at $17.09 per share, with turnover of $85.78 million. The stock rallied following the release of stronger-than-expected Q2 revenue figures and a price target upgrade from RBC Capital.

Lyft reported Q2 revenue of $1.844 billion, surpassing the consensus estimate of $1.807 billion, representing a 16% year-over-year increase. Total gross bookings surged 23% to $5.5 billion, a record high that exceeded the company's prior guidance of 18%-21% growth. Active riders also reached an all-time high. However, EPS of $0.13 missed the FactSet estimate of $0.14, as marketing expenses jumped 68% due to increased rider incentives.

RBC Capital raised its price target on Lyft to $20 from $18, maintaining an Outperform rating. CFO Erin Brewer noted that record rider numbers validate the promotional spending strategy. Peer Uber rose 5.45% on the same day, reflecting broad sector strength in passenger ground transportation.

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