MoffettNathanson downgraded Lyft (LYFT) to Sell from Neutral with a price target of $7, down from $10. With Q4 results, management is expected to provide both long-term guidance and "perhaps" improved disclosures on bookings and volumes, notes the firm, which adds that its analysis of non-traditional data points suggests investors may not like what they see if management discloses gross bookings and rides. Any potential historic financials "will reveal the unsustainable take-rate tactics used by past management to drive revenue," added MoffettNathanson, which expects Lyft's gross margins to compress from 50.8% in FY21 to 38.5% in 2024 with take-rate and pricing "no longer a meaningful lever to pull" amid rising insurance costs per ride. The firm forecasts Lyft to be a single digit adjusted EBITDA margin business, and believes any long-term guidance provided by management will "likely disappoint."