DoorDash Inc. (DASH) PT Lowered to $275 at Needham, 'this pull back is a buying opportunity'

Needham analyst Bernie McTernan lowered the price target on DoorDash Inc. (NASDAQ: DASH) to $275.00 (from $300.00) while maintaining a Buy rating.

The analyst comments "We reiterate our Buy rating but lower our price target to $275 as we update our model for earnings last week, now integrating Deliveroo. 3Q results continued what looks like to be a banner year for DASH, showing continued acceleration in orders and GOV. We think the commentary on already achieving their net add goal for DashPass subscribers is particularly compelling and drives frequency growth in our estimates next year. Given the context of DASH's success as a public company, including on track to double their post-COVID GOV in roughly 4 years we estimate, we are surprised on the magnitude of the negative reaction in shares, losing almost $30B of market cap for an announced several hundred million dollar investment in future growth and think this pull back is a buying opportunity."

You May Also Be Interested In

• JD.com (JD) Reiterated at Buy by Benchmark Amid Earnings Recovery
• UBS Reiterates Buy Rating on NVIDIA (NVDA), Expects Q2 Revenue Beat
• Jefferies on Five Below (FIVE): 'Our latest channel checks reinforce our view that FIVE's momentum extends well beyond viral Squish trends'