DoorDash Inc. (DASH) PT Raised to $265 at Bernstein SocGen Group

Bernstein SocGen Group analyst Nikhil Devnani raised the price target on DoorDash Inc. (NASDAQ: DASH) to $265.00 (from $210.00) while maintaining a Outperform rating.

The analyst comments "DASH (PT $265): Needs to be squeaky clean. We anticipate another quarter of strong fundamentals and positive revisions to sell-side numbers. Yet the question on our minds is whether this will be enough with the stock at 30x EBITDA. High expectations make the risk/ reward less favorable into print in our view, but we’d also look to lean in on any pullbacks — underlying trends appear supportive of the long-term bull case. We expect GOV to beat, and model a modest acceleration to 21% Y/Y growth for Q2 and 20% for Q3. The top-end of Q2 EBITDA guidance ($650M) should also be feasible on GOV strength and take rate recovery. Whether we get any upside on the print or room to dream on EBITDA with the ramp in the Q3 guide will determine whether buyside bogeys for the year are safe or need to come in. We model $2.76B for the year at $3.66B next year, with ROO likely additive."

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