REUTERS: Shares of ride-hailing company Lyft Inc rose as much as 4 per cent on Friday , setting the stock for its best day since its market debut last week, after short-seller Citron Research advised investors to hold on to the stock.
Citron, which has held a stake in Lyft for the last two years, said it has increased its position in the company in the open market. "This is not a trendy video game or a GoPro camera ... this is a way of life that is saving people time and ensuring safety," the note said."The entire rideshare market in the US only accounts for 1 per cent of miles traveled today ... we have only just begun," Citron said.
Daiwa Capital Markets also initiated coverage on the company on Thursday, with an 'outperform' rating and a price target of US$80.
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