Morgan Stanley upgraded DoorDash to Overweight from Equal Weight with a price target of $145, up from $135. The company’s improving user loyalty and category expansion provides confidence in Marketplace order growth of 16% annually through 2026, the analyst tells investors in a research note. The firm sees the company’s growth and profit execution driving better than expected free cash flow. DoorDash’s core restaurant and grocery growth runway “remains long” as it addresses $2.6 trillion of offline spend, says Morgan Stanley.
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