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

Needham analyst Bernie McTernan raised the firm’s price target on DoorDash (DASH) to $225 from $180 and keeps a Buy rating on the shares after its Q4 results. The company completed its third consecutive year of greater than 20% bookings growth post pandemic, highlighting its durable growth, and the firm estimates core US restaurant continuing to grow double digits while new verticals in the U.S. now represent about 25% of gross order value, the analyst tells investors in a research note. The current multiple is on the higher end of its typical trading range, but better bookings have generally led to higher adjusted EBITDA estimates, the firm adds.