DoorDash downgraded to Sector Perform from Outperform at RBC Capital

RBC Capital analyst Brad Erickson downgraded DoorDash (DASH) to Sector Perform from Outperform with a price target of $60, down from $70. The analyst is "uncomfortable with a potentially unfavorable risk/reward" given the company’s "likely hypersensitivity to order deceleration" into 2023. The combination of evident slowing core order growth, limited EBITDA downside support and channel checks finding Uber (UBER) competing better in Manhattan prompt the downgrade of DoorDash, Erickson tells investors in a research note.