DoorDash Inc. (DASH) PT Raised to $155 at Truist Securities on positive US expectations

Truist Securities analyst Youssef Squali raised the price target on DoorDash Inc. (NASDAQ: DASH) to $155.00 (from $140.00) while maintaining a Buy rating.

The analyst commented: 'We are raising our 1Q24 US marketplace GOV estimate to reflect our positive read of the Truist Card Data, which indicates that DoorDash's US marketplace (ex. Wolt) gross order volume (GOV) is tracking ahead of (Visible Alpha) consensus expectations of $17.3B (~+17% Y/Y) and closer to $17.9B (+21%). On a consolidated basis, we now expect total Marketplace GOV / Revenue / Adj. EBITDA of $18.9B / $2,515M / $371M vs. $18.7B / $2,492M / $371M, previously, and vs. (FactSet) consensus estimates of $18.8B / $2,449M / $368M. This is at the high-end of management's guidance of $18.5-18.9B for total GOV, and $320-380M in AEBITDA. Additionally, as a result of our raised 1Q24 estimates and lowered WACC (to 11% from 11.5%, which is more in line with UBER’s), our PT goes to $155 from $140."

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