.August 5, 2024 2:27 PM

Citi analysts raised DoorDash Inc.’s price target to $155 and maintained a Buy rating following the company’s positive second-quarter 2024 results. Order frequency increased, U.S. MAUs grew, and DashPass subscribers hit record highs. New vertical MAU adoption surpassed expectations, leading to faster growth in June. DoorDash expanded its merchant base in the U.S., improved dasher efficiency, reduced merchant churn rates, and lowered average order defect rates, resulting in expanding margins. The analysts see DoorDash gaining market share more efficiently and anticipate strong demand trends despite potential macroeconomic risks. Third-quarter guidance projects 18% year-over-year growth in GOV.