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UBS analyst downgrades Lyft from Buy to Neutral

Yahoo Finance Video

Yahoo Finance anchors discuss UBS downgrading Lyft stock.

Video transcript

AKIKO FUJITA: Well, we're watching one trending ticker here with yet another downgrade for Lyft, pushing shares lower today. That stock is down about 3 and 1/2%. Analysts at UBS downgraded the stock from buy to neutral, citing its survey that showed drivers prefer rival Uber as their main app.

UBS also slashed its price target from $50 to $16, saying it expects the ride sharing company's adjusted EBITDA to come in well below the firm's estimate. A recent survey by UBS showed Uber is far ahead in app downloads and usage by drivers and consumers. Analyst Lloyd Walmsley saying that, along with higher insurance and investment costs, is likely to keep pressure on the stock.