DoorDash price target lowered to $140 from $160 at JMP Securities

JMP Securities lowered the firm’s price target on DoorDash to $140 from $160 and keeps an Outperform rating on the shares. indicated they are about to be much more active from an M&A perspective, which we believe is long overdue. DoorDash reported solid results as GOV and revenue were 2% above consensus while EBITDA came in slightly above consensus and near the high end of the guide, but OpEx was stepped up as DoorDash continues to invest to support new verticals including grocery, which grew 100%+ year over year for the third quarter in a row, the analyst tells investors in a research note. DoorDash is in an investment phase currently as it supports grocery, DashMarts, and international that may limit significant margin expansion in 2H24 and 2025, the firm says.