DoorDash (DASH) Receives a Rating Update from a Top AnalystWe see the Street’s Q4 GOV, Revenue, and EBITDA ests. (+18% Y/Y & +23% Y/Y, respectively, and 2.7% EBITDA Margin as % of GOV) as reasonable, with modest upside potential for all three. For Q1, we view the Street’s GOV (+7% Q/Q vs. +9% in Q1:24) and EBITDA ests. (2.6% Margin) as reasonably bracketable. Our views are based on: i) mgmt. commentary from our meetings with DASH and UBER intra-quarter, ii) positive industry checks for consumer demand trends from our discussions with industry participants, and iii) 3P data checks. We also see emerging profitability catalysts with DASH likely to sustain positive GAAP Op Income (and EPS) in the next few quarters.