DoorDash initiated with an Outperform at MoffettNathanson

MoffettNathanson analyst Michael Morton initiated coverage of DoorDash with an Outperform rating and $79 price target. After a decade of growth at all costs, the "bumpiest parts of the ride are in the rearview mirror," the analyst tells investors in a research note. The firm says gig economy market winners are becoming entrenched, marketing intensity is declining, and the U.S. market has started to rationalize through consolidation. The analyst’s thesis on DoorDash is long term in nature and supported by the firm’s outlook on unit economics in the core restaurant business.