Lyft Stock Downgraded On Autonomous Vehicle Risk From Waymo, Tesla Competition

BofA Securities analyst Michael McGovern downgraded  Lyft, Inc’s LYFT rating to Underperform from Buy and cut the price forecast to $10.50 from$17.50 on Thursday.The stock is trading lower on Thursday. The rerating reflects the substantial autonomous vehicle risk, especially Waymo’s rapid expansion in San Francisco and Los Angeles, and the lack of scalable autonomous vehicle partnerships that are launching in the near-term for Lyft.Also Read: Uber and Lyft Adapt Robotaxi Strategy to Compete in Tesla and Wa ...