DoorDash price target raised to $265 from $210 at Bernstein

Bernstein analyst Nikhil Devnani raised the firm’s price target on DoorDash (DASH) to $265 from $210 and keeps an Outperform rating on the shares. The firm anticipates another quarter of strong fundamentals and positive revisions to sell-side numbers. Yet the question on Bernstein’s minds is whether this will be enough with the stock at 30-turns EBITDA. High expectations make the risk/reward less favorable into print in the firm’s view, but Bernstein would also look to lean in on any pullbacks – underlying trends appear supportive of the long-term bull case.