Wells Fargo analyst Ken Gawrelski lowered the firm’s price target on DoorDash (DASH) to $198 from $201 and keeps an Equal Weight rating on the shares following quarterly results. The firm says debate picks up “on a consensus favorite long in the Internet sector.” Wells sees the start of a reinvestment cycle, with the magnitude still to be determined. This uncertainty is likely to weigh on the premium multiple, in the firm’s view.
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