Lyft downgraded to Neutral from Buy at DA Davidson

DA Davidson analyst Tom White downgraded Lyft to Neutral from Buy with a price target of $12.50, down from $19, after its results and below-consensus guidance. The analyst believes that investors should wait for more concrete and sustained evidence that the company can effect broad balance in its Rideshare marketplace following a disappointing forward outlook. Pre-COVID, Lyft was capitalizing on its differentiated brand as the "kinder/gentler, more socially responsible Rideshare platform", but it has since become a "casualty of the pandemic", the firm tells investors in a research note.