Lyft shares fell to a fresh low on Monday. The stock has fallen 35% from where it began trading.
shares fell more than 5% Monday, hitting a fresh low as the ride-hailing company's post-initial-public-offering rout raged on.
Wall Street analysts continue to fret over the company's steep losses and the competitive threat thatAt Monday's low, Lyft fell to $56.57 a share — 35% below its opening price of $87.24.Lyft initially priced its initial public offering at $72 a share; the stock is trading about 21% below that level.Lyft shares took a hit last week after Uber, its much-larger rival, officially filed to go public.
The firm initiated coverage of Lyft with a"neutral" rating and $60 price target, and listed"intesified competition with Uber in the US" as a key downside risk. "Lyft was very aggressive on subsidies in 1Q19, and we see the risk of Uber responding," the analysts wrote."However, with both companies set to be public soon, perhaps both will refocus on profitability and gradually rationalize subsidies - the most sensible outcome, in our view."off the streets of New York City, Washington D.C., and San Francisco after some riders experienced"stronger than expected braking.
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