DoorDash initiated with a Hold at Stifel

Stifel analyst Mark Kelley initiated coverage of DoorDash (DASH) with a Hold rating and $198 price target The company has proven it can execute well against “intense” competition, and it should continue to execute while expanding outside the U.S., the analyst tells investors in a research note. The firm is also bullish on DoorDash’s advertising opportunity, and believes this area can outperform estimates. Despite these positives, Stifel believes the shares are fairly valued at the moment. It would look to become more positive on a pullback.