Benzinga | Dec 2, 2021 12:40PM EST

UBS Sees Lyft Gaining From Robust Post-Pandemic Recovery; Sees 51% Upside

* UBS analyst Lloyd Walmsley initiated coverage of Lyft Inc (NASDAQ:LYFT) with a Buy rating and $60 price target, implying a 50.8% upside.

* The company benefits from a robust post-pandemic recovery as a pure-play rideshare business operating in a "stable duopoly market," with little noise around investment in delivery wars and having no exposure to international competition.

* Lyft could lose some modest share to Uber Technologies Inc (NYSE:UBER), but this would be mix related rather than competitive, Walmsley adds, stating that its margins "can still scale."

* Price Action: LYFT shares traded higher by 5.13% at $40.18 on the last check Thursday.