|Lyft Off to Solid Start With a Long Road Ahead|
As we expressed in a note before Lyft went public, we see ridesharing as an industry in transition from the hardly compelling business of a high-tech taxi network to the potentially massive opportunity of consumer transportation-as-a-service. We believe this transition, especially with respect to autonomy, will both take longer and be more impactful than people think. We expect the balance of 2019 to involve heavy investment and the stock to be unpredictable in the short-term. Long-term, we think Lyft will be successful in capitalizing on an industry-wide shift from car ownership to service-based transportation.
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