Doordash shares surged near their 52-week high of $259.87 after the company reported second-quarter results that smashed expectations, prompting multiple Wall Street firms to raise price targets. The delivery giant posted revenue of $3.3 billion, surpassing forecasts of $3.16 billion, while earnings per share jumped to $0.65—51% above estimates. Investment banks highlighted the strong performance of DashPass, the subscription service driving record user engagement and accelerating growth. New customer cohorts expanded year-over-year each month, signaling sustained market dominance. Analysts also noted promising expansion beyond restaurant delivery, including advertising and loyalty programs, with one firm projecting a $3 billion ad revenue opportunity.
Upgraded Targets Signal More Upside
Price targets were lifted sharply, with one institution raising its projection to $325, citing Doordash’s "long growth runway" in core markets and untapped potential in newer segments. Gross order volume (GOV) beat expectations at $24.2 billion, with Q3 guidance also above consensus. The stock, already up 112% over the past year, gained further momentum post-announcement, with after-hours trading pushing shares 3.4% higher. Analysts emphasized the company’s ability to outperform even optimistic projections, reinforcing confidence in its upward trajectory.
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