DoorDash Gains As Wells Fargo Sees Growth in New Markets By Investing.com

By Dhirendra Tripathi

Investing.com – DoorDash (NYSE:DASH) rose close to 2% in Tuesday’s trading as Well Fargo raised its target for the stock to $215, an upside of approximately 20% from the current level of $178.63.

Analyst Brian Fitzgerald retained his overweight rating on the stock.

The analyst believes the DoorDash story has shifted briskly from sustaining 2020’s gross order value run rate to “how many new geos and verticals, and how fast?”

With strong growth in gross order value likely to have continued in May and the fear of post-listing share selling behind it, Fitzgerald thinks the share price now has a firm floor.

The bank raised its estimates for DoorDash’s GOV for the ongoing financial year and the next two, incorporating the potential its entry into new markets Japan and Germany holds.