Uber Technologies Inc ( UBER ) shares are racing higher Thursday. The stock may be moving in sympathy with shares of Lyft Inc ( LYFT ) , which surged after the company provided financial targets ahead of its Investor Day.

What Happened: Lyft ( LYFT ) is hosting its first Investor Day on Thursday to discuss the company’s plans for its next phase of profitable growth. Ahead of the event, Lyft ( LYFT ) issued a press release with updated financial targets for 2027.

Lyft ( LYFT ) said it now expects a gross bookings compound annual growth rate of approximately 15% between full-year 2024 and full-year 2027. The company anticipates a 4% adjusted EBITDA margin in 2027 and free cash flow conversion of more than 90% annually each year between 2025 and 2027.

Lyft ( LYFT ) also reaffirmed its previously announced guidance for the second quarter and said there are no changes to its directional commentary for full-year 2024 provided during its earnings call last month.

“Lyft’s customer-obsessed strategy is working. Our execution keeps getting better, we’re delivering industry-leading innovation, and we are working closely with partners to create great shared customer experiences. We’re excited to share our vision for Lyft’s road ahead,” said David Risher, CEO of Lyft ( LYFT ).

Lyft’s Investor Day kicked off at 9 a.m. ET. A live webcast and replay will be available on the company’s investor relations site. Lyft ( LYFT ) is the second-largest ride-sharing services provider in the U.S. and Canada behind Uber ( UBER ). Lyft ( LYFT ) shares were up about 6% at last check.

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UBER Price Action: Uber ( UBER ) shares were up 3.25% at $67.96 at the time of publication, according to Benzinga Pro.