DoorDash Set To Thrive In 2024: Analyst Highlights Growth In Delivery Services And Potential In Grocery Advertising
Portfolio Pulse from Lekha Gupta
Mizuho Securities analyst James Lee raised the price target for DoorDash Inc (NASDAQ:DASH) from $120 to $140, maintaining a Buy rating and Top Pick status. Lee anticipates resilient consumer spending in 2024, supporting growth in advertising, e-commerce, and gig economy services. Despite potential headwinds from consumer softness, Lee projects a 20% EBITDA growth for DASH in FY24, driven by gains in food and grocery delivery and potential growth from grocery advertising. DASH shares were trading down by 1.73% at $102.22.
January 17, 2024 | 8:32 pm
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POSITIVE IMPACT
DoorDash's price target was raised to $140 by Mizuho Securities, with a Buy rating reiterated. The analyst expects a 20% EBITDA growth in FY24, driven by gains in food and grocery delivery and potential in grocery advertising.
The raised price target and positive outlook from the analyst suggest a strong growth trajectory for DoorDash, which could lead to increased investor confidence and a potential rise in the stock price in the short term. However, the current trading price being down indicates some market skepticism or broader market trends affecting the stock, which could moderate the positive impact.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100