Lyft (LYFT) - Get Lyft Inc Class A Report hasn't fared well since its debut on the Nasdaq Stock Market last week and analysts at HSBC on Thursday initiated the stock with a "hold" rating and $60 price target. 

Despite the middling initiation, Lyft shares were rising 2.55% to $61.65 Thursday, stopping, at least temporarily, the slide the stock has experienced since it debuted well above its initial public offering price of $72 on March 29.

HSBC said Lyft is clearly the underdog to rival Uber, which is expected to debut publicly perhaps in May, and therefore its path forward will have its ups and downs.

"Given that smaller, number two players will always scale at a lower margin than dominant players, we think Lyft deserves a discount to other ride-hailing players that dominate their markets," said analyst Masha Kahn. "Near-term competitive intensity could remain fierce as Uber potentially defends its market share under a new management team."

TheStreet Recommends

The firm believes that Lyft's self-driving initiative could be a game changer for the company, buy Kahn doesn't believe that initiative will be ready until 2025.