Lyft (LYFT) plans to remain "competitive" in its pricing and is also focused on the inputs of service quality and reliability instead of on efforts to gain market share, RBC said in a Monday note to clients following investor meetings with the company last week.

RBC analysts said they believe Lyft is not being given enough credit for "merely competing with" Uber Technologies (UBER). The company's loss of a partnership with Delta Air Lines (DAL) will have some near-term impact but pipelines are still "strong" and the DoorDash (DASH) collaboration has resulted in better-than-expected downloads, analysts led by Brad Erickson said.

The ride-hailing firm is also committed to achieving its 10% year-over-year efficiency/ride targets "where it expects to be able to continue to pull levers in achieving those targets," the analysts said, adding that the ride-hailing industry is an "attractive, secularly growing" space.

RBC maintained an outperform rating on Lyft's stock with a $21 price target.

LYFT shares were up 1.1% in recent trading.

Price: 12.05, Change: +0.13, Percent Change: +1.09