DoorDash price target raised to $225 from $180 at KeyBanc

KeyBanc raised the firm’s price target on DoorDash (DASH) to $225 from $180 and keeps an Overweight rating on the shares. The firm says the shares deserve a higher multiple given DoorDash’s continued strength in fundamentals. Given the lack of autonomous vehicle risk and “multiple profitability levers,” DoorDash is a “solid compounder” into 2025, the analyst tells investors in a research note. KeyBanc says its latest mobility and delivery survey painted a “mixed picture” of ride-sharing usage with respondents intending to use services more in 2025, but autonomous vehicle usage also increasing. It believes the threat of autonomous vehicle usage encroaching on market share and profitable rides like airport pickups will remain a headline concern for the foreseeable future. The firm believes this threat is increasingly priced into Overweight-rated Uber (UBER) and that DoorDash is a “clean way to gain category exposure.”