Susquehanna bumped up its rating of Lyft's stock to positive from neutral on Tuesday, saying the company is "a pure-play on US ridesharing" that should benefit from less buzz around Uber.

"With the US rideshare market becoming more rational, LYFT showing clear evidence of marketing and insurance cost leverage, and UBER's IPO out of the way, this is the time to buy the stock," Susquehanna analyst Shyam Patil said in a note to investors.

Broadly speaking, Patil likes the opportunity in the ride-sharing market, as well as Lyft's "more longer-term transportation-as-a-service vision." Susquehanna believes Lyft has "a strong #2 market presence," with about 40% of the U.S. ride-sharing market. Additionally, in comparison to Uber, the firm said Lyft has a cleaner models that give investors more options, "especially as the autonomous wave hits the market."

Lyft shares rose 2.3% to $58.07 on Tuesday. The stock has rallied a bit since hitting a low of $48.15 a share last month but remains well below its March IPO price of $87.24 a share.

Susquehanna also raised its price target on Lyft to $80 a share from $57.