Lyft (LYFT) may face continued investor concerns around organic growth and rising customer incentives, even as overall trip volumes are expected to accelerate through the year, RBC Capital Markets said Friday in a report.

Spending on sales and marketing almost doubled from a year earlier, with rider incentives up 17%, signaling increasing competitive pressures, the report said.

Still, RBC highlighted strong international expansion, including the acquisition of Gett's UK business, growth at FreeNow across nine European countries, and 50% ride growth in Canada.

RBC lowered its price target on Lyft stock to $18 from $22 and maintained its outperform rating.

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