DoorDash upgraded to Neutral from Underweight at Piper Sandler

Piper Sandler analyst Thomas Champion upgraded DoorDash to Neutral from Underweight with a price target of $127, up from $53, after a change in analyst coverage. While delivery may be a less “sticky” service than mobility, management’s execution has been impressive, the analyst tells investors in a research note. In addition, the firm says consumer food delivery habits learned during COVID have continued through the post-COVID era. While on valuation, DoorDash is most expensive of the peer group on a GAAP basis, which suggests a lot of “good news” is priced in, Piper no longer thinks an Underweight rating is warranted, says the analyst.