Why DoorDash Shares Are Trading Higher Today

DoorDash Inc DASH is trading higher Thursday morning after BofA Securities upgraded the stock.

BofA Securities analyst Michael McGovern upgraded DoorDash from a Neutral rating to a Buy rating and announced a $255 price target.

The price target implies about 22% upside from current levels.

BofA Securities' credit and debit card data shows that core restaurant spending is better than expected.

In other news, an economic report Thursday showed that retail sales increased 0.7% in August versus expectations for a decline of 0.8%. 

DoorDash is an online food order demand aggregator. Consumers can use its app to order food on-demand for pickup or delivery from merchants mainly in the U.S.

DASH Price Action: DoorDash has traded as high as $256.09 and as low as $110.13 over a 52-week period.

The stock was up 4.68% at $219.68 at time of publication.

Photo: GoToVan from Flickr.