DoorDash (DASH) is expected to continue to deliver “peer-leading” and better-than-projected consumer spend and gross order value results across its platform, Morgan Stanley said in a note Thursday.
The firm said it has confidence in the food delivery company’s forward gross order value and earnings before interest, taxes, depreciation, and amortization growth, backed by a “durable” restaurant business in the US.
Morgan Stanley expects DoorDash to be GAAP profitable in 2024, which is likely to result in further shareholder interest, according to the note.
The firm upgraded its rating on the DoorDash stock to overweight from equal-weight and raised its price target to $145 from $135.
DoorDash shares were up 5.3% in recent trading.