Lyft: Underappreciated Turnaround With Cash Generation and Growth

Eric DeLamarter and Brandon Carnovale of Half Moon Capital presented their investment thesis on Lyft (Nasdaq: LYFT) at Wide-Moat Investing Summit 2025.

Thesis summary:

Lyft is gaining market share following the implementation of various initiatives by its newer CEO, David Risher. Over the last year, Lyft has emerged as a price winner with superior ETAs. Risher has led a successful turnaround to stabilize US Mobility and now has the foundation to expand into new services and geographies.

Eric and Brandon expect Lyft will win a Waymo partnership in the nearer term or be acquired by Amazon.

LYFT’s valuation discounts these favorable developments and assumes a significant risk of disintermediation. However, Eric and Brandon see autonomous vehicle companies pursuing a partnership approach, which would be net beneficial to Lyft.

The above events, among other catalysts, should result in upside for the stock.

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About the instructor:

Eric DeLamarter is the PM of New York-based Half Moon Capital–research intensive, fundamental-oriented, long/ short partnership which invests across various sectors and markets with a focus on small-mid cap companies and special situations. Half Moon Capital seeks to differentiate through a deep research process, independence and ability to uncover original investments with a catalyst. Prior to Half Moon Capital, Eric worked in private equity, investment banking and equity research. Eric holds an MBA from Columbia Business School and a BA from the University of Michigan.

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