economy
Top tech analyst Mahaney sees 45% upside for this food delivery platform
DoorDash could gain more ground as order volume grows and it focuses on a robust subscriber base, Evercore ISI says.
TL;DR
- Evercore ISI rates DoorDash 'outperform' with a $300 price target, anticipating 45% upside.
- DoorDash added more DashPass members in the recent period than in the previous 24 months combined.
- Order growth accelerated for DoorDash and Deliveroo.
- The second half of the year is seen as an inflection point for DoorDash's EBITDA margin expansion.
- DoorDash's shares have recently begun to outperform, up 27% in the past three months, but remain down 6% year-to-date.
- Second-quarter total orders grew almost 28% year-over-year to 970 million.
- Second-quarter gross order value rose 36% to $33.1 billion.
- Second-quarter earnings per share were 46 cents, matching expectations.
- Second-quarter revenue of $4.45 billion topped consensus estimates.