vehicle space: Though Devitt is upbeat about more rational price activity in the industry, which he expects to boost Lyft's stock, he still worries about Uber's valuation as well as its significantly long path to profitability, according to Market Watch. Lyft also stands to benefit from its partnerships and strategic positioning, according to Devitt. He initiated coverage of Uber Technologies Inc. shares UBER, 0.52% with a hold rating on Tuesday, while raising his price target on buy-rated Lyft Inc. shares LYFT, 0.41% to 76 from 70. The company has been working with Alphabet Inc.'s GOOG, 0.93%GOOGL, 0.93% Waymo self-driving unit, which he expects will keep the company on the forefront of innovations in the autonomous vehicle space. Such arrangements could be sources of incremental demand as well as help reduce friction in a friction-filled industry, Devitt wrote. Lyft also became an enrolled Medicaid provider in Arizona last week, which allows the company to service as a covered transportation option for patients traveling to doctors' appointments.
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