DoorDash’s (DASH) adjusted EBITDA guidance of $1.5 billion to $1.9 billion for 2024 is viewed positively by market bulls, RBC Capital Markets said in a note Thursday.
“We believe bulls view [the guidance] as conservative with upside potential above the high-end,” RBC said.
DoorDash said Thursday that its adjusted EBITDA hit an “all-time high” of $363 million in Q4. This exceeded the RBC and Street estimates of $362 million and $355 million, respectively.
For 2024, the firm said it raised its gross order value forecast to $77.32 billion from $74.55 billion and adjusted EBITDA to $1.78 billion from $1.44 billion on higher orders.
RBC maintained its sector perform rating on DoorDash stock and raised the price target to $130 from $105.
DoorDash shares were down 7.5% in recent Friday trading.