Seaport Global analyst Michael Ward noted that Lyft's (LYFT) revenue nearly doubled in the first quarter but its EBITDA losses were comparable to the year-earlier period, offering this as evidence that the company lacks a clear path to profitability.

The analyst, who lowered his price target on Lyft shares to $35 from $42, also cites concerns that demands from drivers and regulatory demands from larger cities could pressure costs further.

Ward, who contends that "the bloom is off the rose with the ridesharing services industry" following the IPO of Uber (UBER), keeps a Sell rating on Lyft shares.