After a strong Q3 earnings report, Wall Street analysts are pounding the table on DoorDash (DASH) stock. The food delivery service has received several price target upgrades today after the company reported significant growth in both GAAP net income and EBITDA. This positions DoorDash to finish the year on a high note and continue on its current growth trajectory into 2025.
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Why Is DoorDash Stock Down Today?
Shares have dipped slightly since the earnings report sent them up this morning, likely due to general negative market momentum. As of this writing, DASH stock is down 0.30% for the day, though trading has been volatile and shares could easily start rising again soon. The company has been on a winning streak recently, with DASH rising 43% over the past six months.
However, Wall Street is optimistic about DoorDash’s growth prospects, as evidenced by the trend of rising price targets. DASH has received four price target increases today and one new Buy rating. Here’s a quick breakdown of the new analyst takes.
- Brian Pitz of BMO Capital increased his price target from $140 to $180, implying 16% upside potential. He maintains a Buy rating.
- Doug Anmuth of JPMorgan (JPM) increased his price target from $137 to $155, implying 0.22% downside potential, while maintaining a Hold rating.
- Brad Erickson of RBC Capital increased his price target $165 to $175, implying 12% upside potential. He maintains a Buy rating.
- Rohit Kulkarni of Roth MKM increased his price target from $124 to $165 despite maintaining a Hold rating. This target implies 5% upside potential.
- While James Lee of Mizuho Securities lowered his DASH stock price target from $183 to $173, he maintains a Buy rating and predicts upside potential of 11%.
Is DoorDash Stock a Strong Buy Right Now?
The experts aren’t the only ones with positive outlooks on Doordash. Overall, analysts have a Moderate Buy consensus rating on DASH stock based on 20 Buys, nine Holds, and zero Sells assigned in the past three months, as indicated by the graphic below. After a 105% rally in its share price over the past year, the average Dash price target of $163.67 per share implies 6% upside potential.
