Lyft (LYFT) remains on "stable competitive footing" despite investor concerns about slowing US rides growth, RBC Capital Markets said in a report Wednesday, following a post-earnings discussion with Chief Financial Officer Erin Brewer.

Investor concerns have centered on implied low-single-digit US rides growth after adjusting for contributions from Canada, Europe and the Freenow acquisition, though management expects ride acceleration in Q2, RBC said, adding that its management's focus remains on expanding bookings through international markets, partnerships and premium ride offerings rather than solely increasing ride volumes.

New autonomous vehicle "entrants" have not had a noticeable negative effect on Lyft's growth and may instead be helping attract new riders to the "shared mobility" market, the report said.

The firm also highlighted Lyft's partnership with Alphabet's (GOOG, GOOGL) Waymo in Nashville, Tennessee, as a key area of focus, with management aiming to demonstrate "strong execution" as Waymo's "fleet partner" before expanding the relationship further.

RBC has an outperform rating on Lyft with a price target of $18.

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