12 Best Affordable Tech Stocks to Buy According to Analysts

9. Lyft Inc. (NASDAQ:LYFT)

Current Share Price: $12.3; Forward P/E: 11.1

Upside Potential: 32%

Number of Hedge Fund Holders: 55

Lyft Inc. (NASDAQ:LYFT) is a leading ride-sharing and mobility-as-a-service company that connects passengers with drivers through its digital platform. The company operates in major cities across the U.S. and Canada, offering ride-hailing, bike and scooter rentals, and fleet management solutions. Lyft continues to expand its transportation network, leveraging AI-driven pricing and route optimization while exploring partnerships in autonomous driving and electric vehicle integration.

Autonomous vehicles (AVs) remain a major focus for Lyft, with reports suggesting a potential launch as early as summer 2025. Bloomberg’s March 20 report quoted Jeremy Bird, Lyft’s EVP of driver experience, stating the company is on track to roll out driverless services within the year. This move comes as competition has intensified recently, with Waymo expanding its AV operations in cities such as San Francisco and Los Angeles, and partnering exclusively with Uber in Austin.

That said, RBC Capital analyst Brad Erickson reinforced his confidence in Lyft’s investment case following a recent management meeting. In his March 17 report, he maintained an Outperform rating and a price target of $21, citing Lyft’s growth strategy, competitive positioning, and operational efficiencies. The analyst believes Lyft is not properly valued by the market, as investors overlook its ability to compete directly with Uber Technologies Inc. (NYSE:UBER). He also sees ride-hailing as a strong, growing market, where autonomous driving startups receive undue credit despite their limited financial impact on the broader AV ecosystem.

Lyft Inc. (NASDAQ:LYFT) was also one of the top picks of our selection of Best Nasdaq Stocks Under $20. Please explore this article as well.