Lyft skids after BofA double downgrades on heightened Waymo competition

Lyft's LYFT.O shares down 9.7% to $11.70 on Thurs after BofA Global Research downgrades to 'underperform' from 'buy', pointing to competition from Waymo, Alphabet's GOOGL.O self-driving unit

LYFT shares set to snap three-session winning streak. This as global equities tumble after Trump's latest tariffs salvo fuels recession fears .N

BofA slashes PT by $7 to $10.50 vs Wall Street median of $16, according to LSEG data

Autonomous vehicle headwinds to increase for Lyft as Waymo grows rapidly, BofA analyst Michael McGovern said in note

Lyft's higher exposure to San Francisco and Los Angeles ride-share markets make competition vs Waymo "much more impactful" in comparison vs Uber UBER.N, McGovern said

McGovern said he still sees long-term potential for Lyft in the AV ecosystem, but given its "still-nascent" partnerships, he is "losing confidence in near-term upside"

Last week, activist hedge fund Engine Capital Management nominated director candidates at Lyft and has been urging co recently to address its sagging stock price and business strategy

Avg rating among 47 analysts on the stock is "hold" and BofA is now the sole bear - LSEG

Including move on the session, stock down ~9% in 2025. It closed at $18.28 a year ago

Shares of UBER down nearly 5% on Thurs, trimming YTD gain to ~18%