DoorDash price target raised to $84 from $75 at Needham

Needham raised the firm’s price target on DoorDash to $84 from $75 and keeps a Buy rating on the shares. The company’s adjusted EBITDA in Q4 results and FY23 guidance surprised to the upside and its bookings were better than feared, the analyst tells investors in a research note. The firm added that over the next two years it will look for mid-teens GOV, or gross order value, growth plus 70bps of annual margin expansion to drive adjusted EBITDA to $1.3B.