BofA analyst Michael McGovern raised the firm’s price target on DoorDash (DASH) to $245 from $230 and keeps a Buy rating on the shares after the company announced its “most significant update to its advertising platform to date” with AI-powered ad product launches and the acquisition of ad platform Symbiosys for $175M. DoorDash has lagged the rest of the gig economy names in ad penetration, with Instacart (CART) and Uber (UBER) leading, says the analyst, who calls the company’s increasing focus on ads a positive for its margin trajectory.
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