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Uber, Lyft stocks rise amid New York's revoking mask mandate

Yahoo Finance Live checks out the stock of ride-share giants' Uber and Lyft amid the decision to revoke New York's mask mandate.

Video Transcript

RACHELLE AKUFFO: It's time for Triple Play, three stocks we're watching in the final 30 minutes of trading. A twofer with Uber and Lyft. We also have AMD and Regeneron. Now my play is Uber in the green today and Lyft as well enjoying even stronger gains. Now that's after New York Governor Kathy Hochul announced Wednesday that mask mandates are now lifted on public transit due to falling COVID hospitalizations and an urge to return to normalcy.

Now the New York Taxi Limousine Commission followed suit, loosening mask rules in cabs and rideshares, saying they're strongly encouraged but optional. Now the Metropolitan Transportation Authority joins other systems that already relaxed rules back in April, after a federal judge in Florida overturned the nationwide mandate. But critics say it's a blow for at-risk and immunocompromised passengers and drivers.

The MTA's head told "The New York Times," quote, "It became more and more difficult to justify and to enforce a mask requirement as so much of the city and so many other places were opening up." Now, meanwhile, year to date, Uber and Lyft both struggling. Uber down about 27% year to date and Lyft down about 60%.

SEANA SMITH: Yeah, Rachelle, we'll have to wait and see how big of a boost this is for demand. That pop today that we're seeing in Lyft, up 16%, puts it on pace for its best two-day gain that we have seen from the stock in just about a month. And the Street is actually pretty bullish on these two names. Needham coming out recently, reiterating its buy rating on Uber.

Mizuho doing the same, reiterating its outperform rating. Also its price target of 46 bucks, which is substantially higher than where we are today, at just above $30 a share. A lot of analysts encouraged by that demand that we're already seeing in those two ride hailing names. So it'll be interesting to see whether or not the lifting of the mask mandate here in New York, if that boosts ridership here within the state. All right--