DoorDash price target raised to $160 from $143 at UBS

UBS raised the firm’s price target on DoorDash (DASH) to $160 from $143 and keeps a Neutral rating on the shares as part of a Q3 earnings preview for the rideshare and food delivery space. With Sensor Tower data suggesting minute share shift and steady quarter-over-quarter usage trends, the primary driver of UBS’s sales estimate revisions is a more benign currency headwind, the analyst tells investors in a research note. The firm believes DoorDash investors are likely focused on its Q3 adjusted EBITDA margin expansion, with the underlying view that the investment drag on gross margins may have peaked. However, it UBS remains on the sidelines it believes any EBITDA upside will likely be reinvested into the business resulting in a more metered margin expansion trajectory.