Lyft's latest earnings report underscores why Uber is the stock to own in the ongoing battle between the two ridesharing companies, according to Evercore ISI.
Lyft 's latest earnings report underscores why Uber is the stock to own in the ongoing battle between the two ridesharing companies, according to Evercore ISI. Analyst Mark Mahaney downgraded Lyft's stock to in line from an outperform rating, calling the company's weak active rider growth and market share loss to Uber "very concerning" in a note to clients Monday.
That said, Lyft did lose some market share to Uber as the company rolled out temporary driver incentives. Along with the downgrade, Mahaney slashed his price target on the stock to $18 from $41 a share. The new target still suggests shares could rally roughly 27% from Monday's close. Looking ahead, Mahaney called Lyft's fourth-quarter outlook "soft," noting that he expects slower year-over-year revenue growth.
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