DoorDash Inc. (DASH) PT Raised to $173 at Benchmark

Benchmark analyst Mark Zqutowicz raised the price target on DoorDash Inc. (NASDAQ: DASH) to $173.00 (from $152.00) while maintaining a Buy rating.

The analyst commented: "DASH reports 3Q earnings on Wed., 10/30, AMC. We remain conservative on 2H and subsequent ‘25E Restaurant order growth reflected in our total ‘25E GOV -2% below consensus. Our 2H/‘25E forecast assumes (1) DASH’s U.S. Restaurant market share gains moderate; (2) a reasonably high restaurant orders hurdle; and (3) increasing grocery promotions from competing intermediaries and traditional grocery delivery networks (e.g., 50% off Walmart+ membership, 50% off Uber Eats grocery, etc.), partially offset by growing DASH supply (e.g., 10/8 Wegman’s partnership expansion). On the call, we look for management to discuss (1) whether advertising can drive noticeable accretion to total revenue take rate NTM, as it remains unclear whether advertising drove the +25 bps sequential take rate lift in 2Q vs. platform efficiencies; (2) new restaurant merchant growth cadence NTM versus same-store-sales contribution; and (3) tangibles on customer acquisition returns across each of its verticals considering increased competitive promotional pressures broadly. We reiterate our Buy rating and raise our PT to $173 (from $152), reflecting reduced WACC assumptions."

You May Also Be Interested In

• U.S. lawmakers ask DoorDash about use of China AI models - CNBC
• JPMorgan Downgrades Mankind Pharma Ltd (MANKIND:IN) to Neutral
• Strategy (MSTR) PT Lowered to $435 at Benchmark