DoorDash Inc. (DASH) PT Raised to $144 at Citi

Citi analyst Ronald Josey raised the price target on DoorDash Inc. (NASDAQ: DASH) to $144.00 (from $141.00) while maintaining a Buy rating.

The analyst comments "Although the debate post 1Q is likely to revolve around visibility and investments given 2Q24E GOV guidance was in-line with consensus while EBITDA guidance came in 5% below at the mid-point, with order frequency at all-time-highs and continued adoption of newer verticals (Grocery orders grew 100%+), we believe demand for delivery services across food, grocery, convenience, and retail remains robust. That said, DoorDash is investing into demand with a focus on its newer verticals that should provide scale in orders to improve logistics & satisfy greater demand over time, though these investments are creating some concern around whether DASH’s margin expansion is limited. We think otherwise and project margins to expand going forward. We reiterate our Buy rating and raise our TP to $144 and with shares down ~15% in after-hours trading to $108, we would take advantage of the dislocation."

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