As previously reported, Wedbush analyst Scott Devitt downgraded Lyft (LYFT) to Underperform from Neutral with a price target of $16, down from $20. The firm believes Lyft is most at risk to the impact of autonomous vehicle disruption given the company’s exposure to the U.S. ridesharing market and undiversified offering mix. Furthermore, Wedbush thinks the market is underestimating the negative terminal value impact that AVs may have on Lyft’s discounted cash flow value.
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