DoorDash upgraded to Outperform from Sector Perform at RBC Capital

RBC Capital upgraded DoorDash (DASH) to Outperform from Sector Perform with a price target of $175, up from $130. The analyst believes the company’s new verticals and international expansion “may be on the doorstep of stabilizing profitability.” RBC says it underappreciated the resilience of DoorDash’s order growth due largely to frequency which should continue to be a multi-year mid-to-high-teens grower. It is also “intrigued” at the company’s optionality to establish partnerships, particularly Lyft (LYFT), which could drive significant incremental orders and put its loyalty program closer to equal footing with Uber (UBER).