Wells Fargo analyst Ken Gawrelski raised the price target on DoorDash Inc. (NASDAQ: DASH) to $280.00 (from $239.00) while maintaining a Equal Weight rating.

The analyst comments "See long runway of growth in core US market driven by further DashPass penetration and vertical expansion. We remain surprised by the durability of core US restaurant business and accelerating top-of-funnel and DashPass membership growth. Guidance implies strength continues into 3Q, with new US user cohort growth accelerating each month of 2Q. See order frequency unlock driven by improved core product offering and new use cases from new verticals. Raise near- and medium-term estimates. Estimates, price target, and valuation. Raise our 2025 / 2026 GOV estimates by 1% / 4%, reflecting accelerating user growth and 3Q guidance above expectations. We increase our 2025 / 2026 EBITDA estimates by 2% / 5%. Expect DASH to maintain elevated pace of investments across the portfolio. We maintain our Equal Weight rating and raise our price target to $280 (vs $239 prior), based on 25x (22.5x previously) our 2027 EBITDA estimate of $4.7B."