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Our Tech analyst Ami Joseph advised investors to stay away from shares of LYFT before the ride-hailing company's IPO. He wrote that shares had at least 25% downside.

LYFT started trading on the Nasdaq on March 29 with an opening stock price of $87.24. It's currently trading around $48. In other words, shares have fallen over 44% in approximately a month and a half since it went public.

Below is a brief look back at Ami's original call outlining his bearish thesis on the company.

FLASHBACK | 25% Downside for LYFT - z 04.01.2019 Lyft cartoon

An excerpt from one of his research notes written at the time of the IPO:

“Net, we think the Long is really, really iffy here … Our Short thesis is that the pace of market share gains for Lyft will not accelerate and will likely stabilize, the underlying market will continue to grow but not accelerate, the cost structure will mature in parts but offset by other spigots that must be opened. And, we think LYFT has to be worth a lesser multiple than Uber’s net 2x EV/GB. LYFT should be lower. $55 is the right starting point for that conversation.”

FLASHBACK | 25% Downside for LYFT - z77

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