DoorDash Inc. (DASH) PT Raised to $300 at Susquehanna

Susquehanna analyst Shyam Patil raised the price target on DoorDash Inc. (NASDAQ: DASH) to $300.00 (from $235.00) while maintaining a Positive rating.

The analyst comments "GOV growth and take rate come in above expectations. GOV of $24b, up 23% y/y, was 3% above our estimate and consensus with growth accelerating three points sequentially. The GOV growth was driven by orders growth of 20%, 2% above our estimate and 1% above consensus. DASH highlighted continued momentum with grocery in 2Q, noting that new verticals, including grocery, grew faster than the core restaurant business. The company also called out record highs in both user growth and order frequency, as well as increasing basket sizes as consumers use the platform for more use cases. Additionally, MAUs in international markets reached an all-time high, driven by strong Wolt+ adoption and product improvements. Take rate of 13.5% was ~20 bps above our estimate and ~10 bps above consensus. DASH noted that the take rate benefited from improved logistics efficiency, a growing contribution from advertising revenue, and reduced refunds as a share of GOV, though the higher take rate was partially offset by a greater mix shift toward lower-take-rate categories. AOV of $31.86 was 1% above our estimate and consensus, though DASH has noted in the past that AOV can be misleading as orders through Drive are fully counted in orders but not in GOV."

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