We believe LYFT is an attractive multi-year investmnet opportunity at current prices. As the ridesharing duopoly attacks a very large TAM, we believe LYFT has an opportunity to take market share, grow organically and raise prices/margins (eventually). Results over the next 12 months should be particularly strong as C-19 restrictions are lifted and LYFT should be a big beneficiary of the re-opening trade. Shares have been weak recently on the back of regulatory concerns which we believe are more manageable and currently overblown.
Please follow the below link for our full investment memo addressing these issues and more and laying out our path for what we believe could be a multi-year high-20s IRR.