DoorDash Faces Several Price Target Increases After Upbeat Sales, Shares Jump

DoorDash Inc DASH reported better-than-expected sales results for its second quarter, with revenue surging 30% year-over-year to $1.61 billion. However, net loss came in wider than analysts’ expectations.

The company also said it expects full-year marketplace gross order value of $51 billion to $53 billion.

DoorDash shares rose 11.6% to $90.78 in the pre-market trading session.

Several analysts made changes to their price targets on DoorDash following the release of results.

• Citigroup increased price target on DoorDash from $118 to $129. However, Citigroup analyst Ronald Josey maintained DoorDash with a Buy.
• RBC Capital raised DoorDash’s price target from $94 to $100. However, RBC Capital analyst Brad Erickson maintained the stock with an Outperform rating.
• Barclays boosted the price target on the stock from $80 to $90. However, Barclays analyst Ross Sandler maintained eBay with an Equal-Weight.
• Evercore ISI Group raised DoorDash’s price target from $98 to $122. However, Evercore ISI Group analyst Mark Mahaney maintained an Outperform rating on the stock.