DoorDash Gains Confidence as New Verticals Mature, Analyst Expects Strong 2Q23 and Upside Potential in 2024
Portfolio Pulse from Anusuya Lahiri
JMP Securities analyst Andrew Boone reiterated DoorDash Inc (NYSE:DASH) with a Market Outperform and a $100 price target. Boone increased his 2024 EBITDA by 10% due to increased confidence in new verticals maturing and strong 2Q23 results. DoorDash's shares are up 43% since reporting 1Q23 earnings. The company's focus on new verticals and international investments are expected to further scale and surprise profitability to the upside into 2024. Boone also sees an opportunity for DoorDash to increase ad load and grow ad revenue.
July 31, 2023 | 7:27 pm
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POSITIVE IMPACT
DoorDash's focus on new verticals and international investments are expected to drive profitability into 2024. The company's shares are up 43% since reporting 1Q23 earnings.
The analyst's positive outlook on DoorDash's new verticals and international investments, along with the company's strong performance, are likely to drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
In comparison to DoorDash, Uber Eats has two ad slots. This suggests an opportunity for DoorDash to increase ad load and grow ad revenue.
The mention of Uber in the article is in comparison to DoorDash's ad load. While this suggests an opportunity for DoorDash, it doesn't directly imply a negative or positive impact on Uber's stock.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50