DoorDash price target raised to $137 from $111 at JPMorgan

JPMorgan analyst Doug Anmuth raised the firm’s price target on DoorDash to $137 from $111 and keeps a Neutral rating on the shares. The company reported solid Q2 EBITDA and guided to strong second half of 2024 EBITDA margin expansion, easing recent investor concerns around weak restaurant sales, the analyst tells investors in a research note. The firm remains positive on DoorDash’s ability to continue executing on growth initiatives, while also improving unit economics, margins, and free cash flow generation and look for continued strong execution, especially on margins, to become more positive on the shares.