Lyft has plunged 20% since going public, and another Wall Street analyst just came out with a lukewarm view on the stock
Read more:"LYFT clearly has built one of the leading ridesharing services in the US and operates in a very large and growing market," Patil wrote in his report.
"However, we're worried about the competitive dynamics of being the #2 player in a market where scale is extremely important, and switching costs for riders and drivers are relatively low and barriers to entry — while they exist — aren't insurmountable, especially for larger scaled US and international Internet companies."
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