Needham analyst Bernie McTernan reiterated a Buy rating on DoorDash today and set a price target of $300.00.
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Bernie McTernan has given his Buy rating due to a combination of factors including DoorDash’s exceptional operational performance, which is driving an acceleration in Gross Order Value (GOV). Despite concerns about the stock’s high valuation, McTernan believes it is justified by the company’s rapid growth, potential for upward estimate revisions, and a clear path toward margin improvement.
Additionally, DoorDash’s DashPass service is a key differentiator, contributing to record order frequency and an increase in subscriber growth from the previous quarter. The company is also successfully expanding its customer base, with new customer cohorts growing year-over-year each month in the second quarter.
In another report released today, KeyBanc also maintained a Buy rating on the stock with a $325.00 price target.