Lyft double downgraded to Underperform at BofA on AV overhang

BofA double downgraded Lyft (LYFT) to Underperform from Buy with a price target of $10.50, down from $17.50, citing what the firm views as “substantial AV risk,” especially Waymo’s (GOOGL) rapid expansion in San Francisco and Los Angeles and Lyft’s lack of scalable autonomous vehicle partnerships launching in the near-term. The firm still sees long-term potential for Lyft in the AV ecosystem, but given its still-nascent partnerships, BofA is “losing confidence in near-term upside,” the analyst tells investors.