- BofA analyst Michael McGovern upgraded DoorDash Inc DASH to Buy from Neutral with a $255 price target, implying a 21.5% upside.
- McGovern expects non-restaurant ordering to help mitigate much of the post-pandemic drop in restaurant ordering.
- He sees online penetration of grocery, convenience, and alcohol spending increasing to 16% in 2026 from 8% in 2021.
- In addition, the firm's aggregated credit and debit card data suggest that core restaurant spending is holding up better than expected.
- Related Content: Key Takeaways From DoorDash's Second Lawsuit On NYC
- Price Action: DASH shares traded higher by 2.36% at $214.80 in the premarket session on the last check Thursday.
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