BofA lowered the firm’s price target on Lyft (LYFT) to $17 from $19 and keeps an Underperform rating on the shares. The stock was down 16% in after-hours trading, which is likely due to a Q4 rides miss, lower Q1 EBITDA outlook, and lack of insurance savings benefit in Q1, all of which the firm sees underscoring “a competitive environment.” Lyft’s autonomous vehicle commentary was relatively unchanged, but the firm sees elevated competitive risk with Uber (UBER), the analyst added.
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