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According to Bernstein, given its leadership in the on-demand delivery space, DoorDash is one of the top US emerging Internet companies. Analyst Nikhil Devnani began his coverage of DoorDash in Monday’s note with an outperform rating and a target of $90 per share. This represents over 32% from where the shares closed on Monday. The analyst also started Etsy on Outperform. “DoorDash is our top pick,” wrote Devnani. “We are bullish on the long-term growth potential of on-demand delivery and our preferred way to play the DoorDash space – it is a market leader, with a best-in-class management team and industry-leading unit economics.” Bernstein believes the company has ambitions to power local commerce beyond restaurant delivery.
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He approved of the company’s strong leadership and capital allocation history, as well as its “clean” first-quarter earnings report. DoorDash’s reinvestment in its business may worry some investors, but Devnani said he is comfortable dealing with lower margins in the short term. “Indeed, with these margins, we are of the opinion that DoorDash should continue to reinvest over the long term, further solidifying its market leadership position,” the analyst wrote. Shares of DoorDash were down 3% in Tuesday’s premarket trading. —CNBC’s Michael Bloom
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He approved of the company’s strong leadership and capital allocation history, as well as its “clean” first-quarter earnings report. DoorDash’s reinvestment in its business may worry some investors, but Devnani said he is comfortable dealing with lower margins in the short term. “Indeed, with these margins, we are of the opinion that DoorDash should continue to reinvest over the long term, further solidifying its market leadership position,” the analyst wrote. Shares of DoorDash were down 3% in Tuesday’s premarket trading. —CNBC’s Michael Bloom
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Credit: www.cnbc.com /
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