BofA analyst Michael McGovern lowered the firm’s price target on DoorDash (DASH) to $235 from $245 and keeps a Buy rating on the shares. A common bear-thesis for DoorDash has been the weakening consumer trading down to less expensive food options from delivery, but the firm believes the habituation and convenience-factor will prove durable and make demand more inelastic than expected, says the analyst, who believes that the gig-economy names should prove relatively defensive compared to other subsectors of internet stocks.
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