Lyft’s stock continues to dive after its dismal week – CNBC

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Lyft’s stock continues to dive after its dismal week – CNBC
Logan Green, co-founder and chief executive officer of Lyft Inc.

Michael Nagle | Bloomberg | Getty Images

Logan Green, co-founder and chief executive officer of Lyft Inc.

Lyft’s week is off to a dreary start as the stock continues to tumble after dipping nearly 20% over the previous week.

debut on March 29. Analysts have worried that Uber’s imminent entrance onto the public market could further push down Lyft’s stock. Uber is expected to seek a valuation of $90 to $100 billion and has a far more complex business than Lyft’s which it is sure to tout on its roadshow.

“We believe there could be continued pressure on Lyft shares while investors wait for Uber’s roadshow and dig further into the full financial metrics,” analysts from Wedbush Securities wrote in a note on Friday, giving Lyft a neutral rating with a 12-month price target of $80. “In our opinion, the battle for market share will be balanced going forward. We think there’s plenty of work to do and time to go until investors start to feel like they are missing out on the ‘next Amazon‘ although we believe Lyft remains in a strong position to capitalize on this fertile market opportunity.”

Still, analysts have struggled to compare the two companies, with many still unsure what to make of Uber’s high expected IPO valuation while it continues to sustain significant losses. But even so, some continue to doubt the value of either company.

Valuation expert and New York University Professor Aswath Damodaran said in an interview on CNBC’s Fast Money last week that both Uber and Lyft rely on “free agent[s]” in both customers and drivers for their core businesses.

“There is absolutely no stickiness in the business, and they know it,” Damodaran said. “That’s the basic problem I have with the ride-sharing business not just Lyft.”

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Watch: You have to let Lyft’s stock settle, says Nuveen’s head of global equity research

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