DoorDash price target lowered to $270 from $330 at Cantor Fitzgerald

Cantor Fitzgerald analyst Deepak Mathivanan lowered the firm’s price target on DoorDash (DASH) to $270 from $330 and keeps an Overweight rating on the shares. DoorDash delivered another strong quarter with GOV growth accelerating by 2 percentage points to 25% year over year, driven by strong trends in the core U.S. marketplace business, the analyst tells investors in a research note. DoorDash’s investments of “several hundreds of millions” on its tech platform and product initiatives are likely to weigh on the near-term margin trajectory, but the medium-to-long-term ROIC will likely prove attractive, the firm says.