Wedbush analyst Dan Ives deems ride-hailing platform Lyft Inc (NASDAQ:LYFT) to be the stock to avoid or sell in 2024.

What Happened: “At all costs that’s a name that I would avoid,” Ives said about Lyft on CNBC’s Last Call on Friday.

Ives warned against buying Lyft, citing competition from rival Uber Technologies Inc (NYSE:UBER) and increased cost-cutting.

“You own UBER. You put a red light in front of LYFT,” Ives said.

Why It Matters: In the third quarter, Lyft reported revenue of $1.16 billion, marking a 10% jump year-on-year. However, its gross bookings of $3.6 billion, though up 15% year-on-year, trailed behind rival Uber. Uber reported mobility gross bookings of $17.9 billion, an increase of 31% year-on-year.

For the fourth quarter, Lyft expects gross bookings of $3.6 billion to $3.7 billion, while Uber expects gross bookings of $36.5 billion to $37.5 billion. Uber’s gross bookings outlook, however, includes its delivery and freight businesses in addition to mobility.

Price Action: Lyft shares closed down 3.5% at $14.99 on Friday. However, the stock was up 34.8% this year, according to the data from Benzinga Pro.

Uber shares, meanwhile, rose 142.8% this year to close at $61.57 on Friday.

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