Why Lyft Stock Is Sliding Today

Lyft Inc LYFT shares are trading lower Tuesday. BofA Securities initiated coverage on the stock earlier this morning. 

BofA Securities analyst Michael McGovern initiated coverage on Lyft with an Underperform rating and announced a $14 price target.

From Last Week: Lyft Faces Multiple Lawsuits From Drivers, Passengers Against Sexual and Physical Assault

Lyft is the second-largest ride-sharing service provider in the U.S. behind Uber Technologies Inc UBER, connecting riders and drivers over the Lyft app.

LYFT Price Action: Lyft has a 52-week high of $46.64 and a 52-week low of $11.96.

The stock was down 5.38% at $13.82 at time of publication.

Photo: courtesy of Lyft.