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DoorDash Jumps After Evercore Upgrades Cites Strong Growth Drivers -Breaking

by Mike Robinson

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© Reuters

By Dhirendra Tripathi

Investing.com – DoorDash stock (NYSE:) traded 2.7% higher Wednesday after Evercore upgraded it to outperform with a price target of $256, a climb of more than 74% from its current level of $147.

According to the brokerage, strong growth drivers as well as solid foundations were key reasons for optimism. Mark Mahaney analyst, DoorDash, which grew third quarter revenues by 45% year over year, said the brokerage.

DoorDash’s platform is beginning to expand dramatically with non-food delivery, white label logistics and international expansion, the analyst wrote in a note.

The analyst said the brokerage is reasonably confident that there’s an upside to the company’s fourth-quarter 2021 and first-quarter 2022 street estimates.

DoorDash has announced a $7 billion deal to buy Wolt. This Finnish tech company makes it simple to find and order items at local grocery stores, restaurants and shops and delivers them to your home or office. Wolt has 23 locations.

DoorDash has worked with partners such as Beyond Meat (NASDAQ) and Albertsons (NYSE) over the past six-months to offer customers their selection of products.

 

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