shares of lyft inc skidded in tuesday’s session after bank of america weighed in with a bearish call on the ridehailing company though bank of america analyst michael mcgovern sees big opportunity in the ridesharing market he’s also cautious on various elements of lyft’s lyft story at least in the short run “while we see longterm option value in lyft as the largest pureplay us rideshare name near term we expect its smaller scale to create unique challenges in its postpandemic recovery including share losses” he wrote in a note to clients tuesday as he initiated coverage of lyft with an underperform rating and 14 price objective mcgovern highlighted commentary from uber technologies inc’s uber management team claiming that uber’s market share in the us mobility market was at or near multiyear highs during the second quarter he also pointed to comments from lyft indicating 4 sequential growth in rides during the month of july though mcgovern said that “normalized” growth was likely smaller when taking into account that july has one more day than june “uber also disclosed 4 monthovermonth trips growth in july but this includes the slowergrowth delivery segment suggesting uber’s monthovermonth rides growth outpaced lyft’s in july” he continued mcgovern noted that office occupancy remains well below prepandemic levels while diner levels in the key san francisco and new york markets also lag 2019 levels that could suggest room for further recovery but he sees signs that the rebound is slowing down “with lyft’s higher exposure to west coast rides and shared rides lyft’s recovery has been relatively slower than uber’s” he wrote lyft shares fell 43 in tuesday’s session they’ve lost 186 over the past three months as the sp 500 spx has dropped 52