Autonomous Vehicle CompetitionThe substantial AV risk, especially Waymo’s rapid expansion in SF & LA, and a lack of scalable AV partnerships launching near-term for Lyft, has led to a downgrade to Underperform.
Market Share LossWaymo’s potential launch of rides to SFO airport could be a significant negative catalyst, impacting Lyft's market share on the West Coast.
Pricing PressureRecent pricing headwinds seem likely to continue to impact margins as data suggests Avg. Transaction Value was still down Y/Y in March.