DoorDash downgraded to Hold from Buy at Jefferies

Jefferies analyst John Colantuoni downgraded DoorDash (DASH) to Hold from Buy with a price target of $250, up from $240. The firm expects the company to post upside to consensus estimates and peer-leading EBITDA growth, but says this is not enough to drive continued share outperformance without assigning “optimistic multiples” to DoorDash’s non-core businesses. In addition, the company’s recent ramp in affordability initiatives could limit upside to take rate, the analyst tells investors in a research note. Jefferies views DoorDash as fairly valued with the shares up 45% year-to-date.