shares of lyft inc lyft were down more than 1 in premarket trading tuesday after cowen  co analyst john blackledge downgraded the stock to market perform from outperform writing of potential pressures stemming from insurance costs and the macroeconomic climate on lyfts last earnings call president john zimmer said that inflationary pressures and rising insurance costs were an industry issue and that they were primarily driven by rising premiums as a result of higher cost of used vehicles vehicle repair higher medical costs and increased litigation costs cowens blackledge wrote late monday that insurance costs could remain a nearterm headwind to margins for lyft adding that they are exacerbated by recent inflationary pressures he also is concerned that a recession would limit upside opportunities when it came to rider use cases since people could become less likely to go out at night we acknowledge that a recession should drive better driver supply and lower driver acquisition costs from higher unemployment but we would be concerned about impact from a slowing top line blackledge wrote he cut his price target to 14 from 36 on shares of lyft which have fallen 74 so far this year as the sp 500 spx has declined 17