HSBC analyst Masha Kahn started Lyft (LYFT) with a Hold rating and $60 price target. While the analyst sees a shift from car ownership to the transportation as a service model, she believes "costs need to fall dramatically" for ride-hailing to cover all transportation needs. Further, since number two players will always scale at a lower margin than dominant players, Lyft deserves a discount to other ride-hailing players that dominate their markets, Kahn tells investors in a research note. The analyst highlight Russia's Yandex (YNDX) as a "significantly less expensive way to gain exposure to ride-hailing."