BTIG analyst Jake Fuller downgraded Lyft to Neutral from Buy following the company’s Q4 results last week. The analyst has "less comfort" around Lyft’s competitive positioning, reducing the firm’s 2023 EBITDA estimate by 55% and 2024 estimated by over 40% on dialed back revenue and margin assumptions. BTIG further states that it is difficult to see how the company can be competitive on price and also ramp up its margins towards levels indicated in its prior 2024 objectives without further and substantial cost cuts.
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