CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:
We keep our 12-month target at $100, shifting to our P/E analysis and based on a ratio of 31x our ’25 EPS view, which we start at $3.23, above peers to reflect financial strength (net cash of $3.8B) and higher growth. We raise our ’23 EPS estimate to $1.77 from $1.38 and ’24 to $2.41 from $2.01. DASH posts Q3 adjusted EBITDA of $344M vs. $87M, well above the $255M consensus. Sales rose 27%, exceeding expectations, largely on a 24% increase in Marketplace GOV and greater contribution in advertising. We are impressed by accelerating growth across almost all businesses amid macro uncertainty, which we think is a testament of the stickiness of its ecosystem. We remain optimistic about Wolt international expansion, adjacent market expansion (e.g., groceries doubled Y/Y), and healthy growth within the more mature U.S. restaurant market. The combination of efficiency gains and disciplined fixed cost management (GAAP sales & marketing up only +7% Y/Y and -5% seq.) will support FCF growth (+$1B in ’24), in our view.