DoorDash Inc. (DASH) PT Lowered to $165 at RBC Capital

RBC Capital analyst Brad Erickson lowered the price target on DoorDash Inc. (NASDAQ: DASH) to $165.00 (from $175.00) while maintaining a Outperform rating.

The analyst comments "DASH's Q1 print was solid but faced a high bar. GOV & unit growth remain healthy above 20%, grocery's doubling, ads seem poised to ramp and most importantly for us, the company's unit economics continue improving across the entire business signaling strong demand signals with future margin expansion. The lack of EBITDA upside/modest Q2 guide down throws cold water on the $2B + EBITDA bull case in '24 but stepping back, DASH isn't managing to investor expectations - rather, it's building a much bigger business where we believe core + new verticals + ads could easily be producing $2.5-$3B of EBITDA within ~2 years which investors will eventually appreciate. Lowering target on less upside potential NT given EBITDA performance but reiterate Outperform."

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