Long Lyft

Today lyft announced the reconstituting plan (nytimes.com/2020/01/29/technology/lyft-layoffs-restructuring.html) which drives the price down. Personally I think this is positive news rather than negative news since they are working hard toward profitability. The resistance is around $49-50 area I plan to scale in some soon and buy more if we break this resistance, the stop can be around $40-42. The target should be at least $70. If lyft can show consistent results in one or two quarters towards profitability, there will be more upside. Their current revenue growth rate of 60% with just 2x sale valuation provides good risk/reward for this investment.