Lyft hikes IPO target to $70-$72 a share

Lyft is raising the price target for its initial public offering in a sign of the excitement surrounding the stock market debut of a ride-hailing service.

With the revision disclosed Wednesday, Lyft is now seeking $70 to $72 per share, up from its previous goal of $62 to $68.

The adjustment comes after Lyft's management bankers spent a week meeting with investors to explain why buying its stock makes sense even though the company has an uninterrupted history of losses.

The higher price target implies investors are clamoring to buy Lyft's stock. The proof will come Thursday when a final IPO price is determined, setting the stage for the stock to begin trading Friday morning.