FMP
DoorDash Started with Buy Rating at Redburn-Atlantic
Jul 26, 2024 9:37 AM - Davit Kirakosyan
Image credit: FMP
Redburn-Atlantic analysts initiated coverage on DoorDash (NASDAQ:DASH) with a Buy rating and set a price target of $170, representing a potential upside of 66% from the current price.
The analysis highlights DoorDash's strong position in the market, attributing this to the company's significant investment capacity and proven track record in gaining market share. The analysts believe DoorDash is poised to achieve industry-leading gross transaction value (GTV) growth that exceeds consensus expectations. Additionally, they see multiple opportunities for the company to surpass consensus estimates for adjusted EBITDA.
Despite these positive prospects, DoorDash's stock is currently trading in line with its peers on a fiscal year 2026 enterprise value to free cash flow (EV/FCF) basis. This, according to the analysts, makes the stock's valuation appear particularly attractive, reinforcing their optimistic outlook for DoorDash's future performance.
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